First HoldCo Plc has reported a 60.84% year-on-year increase in group profit before tax to N911.24 billion for the nine months ended September 30, 2026, compared with N566.54 billion in the corresponding period of 2025.
According to the unaudited results in the third quarter alone, pre-tax profit rose by 22.49% to N257.71 billion from N210.39 billion in Q3 2025.
Despite the contraction in interest earnings, profit after tax increased by 65.11% to N744.45 billion from N450.87 billion in 9M 2025.
The earnings performance was supported by stronger fee and commission income, gains from financial instruments, higher other operating income and lower impairment charges, which helped offset a decline in net interest income.
Key Highlights (9M 2026 vs. 9M 2025)
- Gross revenue: N2.87 trillion (Up 8.79% YoY from N2.64 trillion).
- Interest income: N2.09 trillion (Down 8.69% YoY from N2.29 trillion).
- Impairment charges: N207.10 billion (Down 28.32% YoY from N288.92 billion).
- Net interest income: N1.26 trillion (Down 16.02% YoY from N1.50 trillion).
- Net fee and commission income: N316.43 billion (Up 48.08% YoY from N213.69 billion).
- Operating profit: N909.36 billion (Up 60.69% YoY from N565.91 billion).
- Earnings per share: N16.45 (Up 54.46% YoY from N10.65).
- Total assets: N32.20 trillion (Up 18.15% from N27.25 trillion in December 2025).
- Customer deposits: N22.91 trillion (Up 21.32% from N18.88 trillion).
- Loans and advances to customers: N9.39 trillion (Up 4.77% from N8.97 trillion).
- Cash and balances with central banks: N5.65 trillion (Up 11.26% from N5.07 trillion).
- Total equity: N3.86 trillion (Up 16.97% from N3.30 trillion).
Driving the numbers
First HoldCo’s nine-month earnings performance was supported by stronger non-interest income and reduced credit impairment charges, which helped drive bottom-line growth despite declining net interest income.
- The Group’s gross earnings increased by 8.79% to N2.87 trillion, with commercial banking accounting for the largest proportion of earnings.
- Commercial banking generated N784.77 billion in pre-tax profit compared with N531.91 billion in the corresponding period of 2025.
- Investment Banking and Asset Management also recorded stronger profitability, with pre-tax profit rising to N86.32 billion from N36.69 billion.
A major pressure point was interest income, which declined by 8.69% to N2.09 trillion from N2.29 trillion in 9M 2025. The decline was driven primarily by lower interest earnings from customer loans and investment securities.
- Interest income from loans and advances to customers declined by 10.59% to N1.30 trillion from N1.46 trillion.
- Interest income from investment securities declined by 9.57% to N651.23 billion from N720.15 billion.
- Interest income from loans and advances to banks increased by 21.48% to N136.92 billion from N112.71 billion.
Customer lending remained the largest source of interest income, contributing about 62.35% of total interest earnings, while investment securities accounted for 31.11%.
- The reduction in interest income occurred despite the expansion of the Group’s customer loan and investment securities portfolios during the period.
At the same time, interest expenses increased by 5.20% to N833.00 billion from N791.80 billion.
- Consequently, net interest income declined by 16.02% to N1.26 trillion, compared with N1.50 trillion in the corresponding period of 2025.
However, the reduction in credit impairment charges provided some relief to profitability.
- Impairment charges declined by 28.32% to N207.10 billion from N288.92 billion, reducing the amount deducted from interest earnings for expected credit losses.
Beyond interest income, First HoldCo recorded significant improvements across several non-interest revenue lines.
- Net fee and commission income increased by 48.08% to N316.43 billion from N213.69 billion, providing additional support to operating earnings.
- Foreign exchange gains also increased to N86.24 billion from N71.94 billion, supported by higher foreign exchange trading income.
Another notable contributor was the turnaround in income from financial instruments measured at fair value through profit or loss.
- The Group reported a net gain of N104.59 billion, compared with a loss of N72.78 billion in 9M 2025.
This improvement was supported by trading gains on debt securities of N136.94 billion, while fair value losses narrowed to N32.35 billion from N98.57 billion.
Balance sheet
On the balance sheet, First HoldCo’s total assets expanded by N4.94 trillion to N32.20 trillion, representing an 18.15% increase from December 2025.
The expansion was driven largely by investment securities, which increased by 47.92% to N10.31 trillion from N6.97 trillion.
- Investment securities accounted for 32.02% of total assets, compared with 25.58% at the end of 2025.
- Loans and advances to customers increased by 4.77% to N9.39 trillion, although their contribution to total assets declined to 29.18% from 32.90%.
- Financial assets measured at fair value through profit or loss increased by 94.32% to N2.22 trillion.
- Cash and balances with central banks increased by 11.26% to N5.65 trillion.
These movements indicate that the Group’s asset growth was concentrated more heavily on investment securities and financial assets than in customer lending.
On the funding side, customer deposits increased by 21.32% to N22.91 trillion, accounting for 71.16% of total assets, compared with 69.29% in December 2025.
- In contrast, borrowings declined by 38.73% to N1.19 trillion from N1.94 trillion, reducing their proportion of total assets to 3.70% from 7.13%.
The combination of stronger deposit growth and lower outstanding borrowings reflects a change in the Group’s funding composition, although interest expenses remained elevated during the reporting period.
Meanwhile, retained earnings increased by 182.67% to N1.14 trillion from N401.80 billion, supporting growth in shareholders’ equity.
Total equity increased by 16.97% to N3.86 trillion, although its proportion of total assets edged down to 11.99% from 12.11%.
Market reaction
First HoldCo shares have appreciated by 173.49% year-to-date, rising from N47.90 at the beginning of 2026 to N131.00 as of Thursday, October 22, 2026.
However, the stock has recorded a month-to-date decline of approximately 18.07%, compared with its September 30 closing price of N159.90 disclosed in the Group’s financial statements.
This represents a decline of N28.90 per share during October, although the stock remains substantially above its opening price for the year.