Why did First HoldCo Plc report a 405.9 billion naira loss?

First HoldCo Plc reported a 405.9 billion naira loss for the quarter ended December due to setting aside 748 billion naira in provisions for bad loans.

What is First HoldCo Plc's profit forecast for this year?

First HoldCo Plc forecasts profit growth for the current year, following efforts to clean up its loan book and strengthen its balance sheet.

How much did First HoldCo Plc's net profit fall in the past year?

First HoldCo Plc's net profit for the past year fell by 92%, reaching 45 billion naira.

Home / Business and Economy / Nigerian Lender First HoldCo Posts Loss After Loan Cleanup

Nigerian Lender First HoldCo Posts Loss After Loan Cleanup

2 Feb

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Summary

First HoldCo Plc reported a 405.9 billion naira loss for the quarter.
Provisions for bad loans reached 748 billion naira in the final quarter.
Despite the quarterly loss, the lender forecasts profit growth for the year.

Nigerian Lender First HoldCo Posts Loss After Loan Cleanup

First HoldCo Plc, a prominent Nigerian financial institution, has projected profit growth for the current year. This forecast follows a strategic initiative to clean up its loan portfolio and reinforce its financial standing.

In the final quarter of the year ended December, the lender provisioned 748 billion naira for non-performing loans. This led to a significant net loss of 405.9 billion naira for the three-month period.

Consequently, the overall net profit for the entire year experienced a sharp reduction, plummeting by 92% to 45 billion naira compared to previous periods. Despite this quarterly setback, the company remains optimistic about future performance.