First bank rebrands from FBN Holdings to First HoldCo Plc

Leading commercial bank, First Bank of Nigeria (FBN) Holding Plc has announced its rebranding and transition to First HoldCo Plc. The announcement follows a proposal at the company’s 12th Annual General Meeting (AGM) in November 2024.

During its November meeting, shareholders reviewed a set of special resolutions that granted the company’s directors the authority to implement the name change, including necessary updates to the Memorandum and Articles of Association.

The company has now confirmed its transition in the information available via a Thursday press release on the Nigerian Exchange (NGX) signed by Secretary Adewale L.O. Arogundade. The development is set to affect all its various subsidiaries.  

According to the statement, First Bank said that the restructuring is tailored to reshaping First HoldCo Plc’s identity, unifying its various subsidiaries, and reinforcing its longstanding heritage.

“The new name reflects a forward-looking vision rooted in a timeless legacy of trust, resilience, innovation, and exceptional service delivery,” the statement reads. 

In addition, First HoldCo Plc’s rebranding includes the retention of First Bank Nigeria Limited for the flagship business. It will also adopt a new and unified set of names for its other subsidiaries in Asset Management, Capital Markets, Securities, Trusteeship, and Insurance Brokerage.

While giving more insight into the development, Group Managing Director Wale Oyedeji said the rebranding is a defining moment in First HoldCo Plc’s history towards an optimistic future for the company. 

He stressed that the transition will empower all its subsidiaries across various locations which will strengthen its leadership position in Africa and sustain its global presence.

Oyedeji also noted that the new course will reignite its commitment and purpose to delivering quality services to its customers.

“Locally, First HoldCo’s unified brand structure will enhance operational synergies and improve the clarity of our offerings, enabling the company to provide tailored solutions for businesses and individuals in Nigeria,” he expressed.

In his concluding remarks, he asserted that the development positions the Group as a formidable organization, ensuring that it leverages opportunities in global markets to reinforce First HoldCo’s role as a trusted partner in financial services.

The financial institution pointed out that once the necessary regulatory approvals are obtained, First HoldCo plans to implement this name change throughout the group.

Also Read: CBN to sanction banks forcing customers to withdraw below N20,000 at ATMs.

First Bank’s 2024 Performance

In its 2024 financial books, First Bank Holdings stated that it recorded a 142 per cent YoY growth in pre-tax profit to N862.391 billion. The group noted that this was driven by significant improvements across key financial metrics, despite challenges related to rising interest expenses and increasing impairments.

The bank notably recorded strong performances in interest expense which surged by 254.24 per cent YoY to N1,029 trillion, profit after tax of N738.857 billion, representing a 138.06 per cent YoY, and net interest income of N1.392 trillion, signifying a 154.76 per cent YoY growth, among others. 

In the same vein, customer deposits rose by 62 per cent YoY to N17.288 trillion, revealing strong customer confidence and First Bank’s ability to attract deposits and providing a solid liquidity cushion.

However, the interest expense on these deposits rose by 135 per cent, making up 58 per cent of total interest expenses.

Meanwhile, after First Bank loans and advances to customers grew by 41 per cent, interest income from loans and advances to customers declined by 13.42 per cent to N1.364 trillion. The surge in its impairments on loans and advances to N362.767 billion indicates growing credit risk or possible stress in certain sectors or among borrowers. 

Despite the challenges faced by the bank, particularly with rising interest expenses and higher impairments, the bank has delivered impressive operational performance.