First Bank of Nigeria (FBN) Holdings Plc has officially announced its rebranding and transition to First HoldCo Plc, marking a significant milestone following a proposal at the company’s 12th Annual General Meeting in November 2024. The strategic shift was approved by shareholders through a series of special resolutions, authorizing the company’s directors to execute the name change and update its Memorandum and Articles of Association. The transition was confirmed in a press release issued on the Nigerian Exchange (NGX), signed by Company Secretary Adewale L. O. Arogundade, and is set to impact all of the company’s subsidiaries.

The restructuring aims to redefine First HoldCo Plc’s corporate identity, unify its diverse subsidiaries, and strengthen its enduring legacy. According to the company, the new name reflects a forward-looking vision anchored in a long-standing tradition of trust, resilience, innovation, and exceptional service. As part of the rebranding, the flagship business will retain the name First Bank Nigeria Limited, while other subsidiaries in Asset Management, Capital Markets, Securities, Trusteeship, and Insurance Brokerage will adopt new, harmonized identities under the First HoldCo umbrella.

Group Managing Director Wale Oyedeji described the rebranding as a pivotal moment in First HoldCo Plc’s evolution, one that signals renewed optimism for the future. He emphasized that this transition would empower the company’s subsidiaries across various regions, reinforcing its leadership position in Africa while sustaining a strong global presence. Oyedeji noted that the rebranding reflects the Group’s renewed commitment to delivering quality service, operational efficiency, and tailored solutions for customers.

At the local level, the unified brand structure is expected to enhance operational synergy and provide clearer visibility into the Group’s offerings, ensuring better alignment with the needs of businesses and individuals across Nigeria. Oyedeji concluded by stating that the transformation strategically positions First HoldCo Plc as a formidable institution, poised to leverage emerging opportunities in global markets and strengthen its reputation as a trusted financial partner. The company confirmed that the name change will be implemented across all subsidiaries once the required regulatory approvals are obtained.

In parallel with this rebranding, First Bank Holdings reported robust financial performance for 2024. The Group recorded an impressive 142 percent year-on-year (YoY) growth in pre-tax profit, reaching ₦862.391 billion. This remarkable improvement was driven by solid performances across key financial metrics, despite headwinds such as rising interest expenses and increasing impairments. Profit after tax surged by 138.06 percent YoY to ₦738.857 billion, while net interest income rose 154.76 percent YoY to ₦1.392 trillion. However, interest expenses also climbed sharply by 254.24 percent YoY to ₦1.029 trillion.

Customer deposits demonstrated strong confidence in the bank, growing 62 percent YoY to ₦17.288 trillion, providing a solid liquidity base. Despite this growth, the interest expense on deposits increased by 135 percent, representing 58 percent of total interest expenses. Loans and advances to customers expanded by 41 percent, although interest income from these loans and advances declined by 13.42 percent to ₦1.364 trillion. Additionally, impairments on loans and advances surged to ₦362.767 billion, reflecting increased credit risk or stress in specific sectors and among certain borrowers.

Despite these challenges, including higher interest expenses and loan impairments, First HoldCo Plc delivered a strong operational performance, demonstrating resilience and strategic efficiency during the 2024 financial year.