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Nigerian Lender First HoldCo Posts Loss After Loan Cleanup
2 Feb
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.
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.
