FirstHoldCo Posts ₦321.1bn Q1 Profit As Gross Earnings Rise To ₦942bn

By Kazeem Ugbodaga

First HoldCo Plc has reported a strong financial performance for the first quarter of 2026, with profit before tax rising sharply by 72.2 per cent to ₦321.1 billion, driven by robust growth in interest and non-interest income streams.

The Group disclosed this in its unaudited financial results for the quarter ended March 31, 2026, released on Thursday.

According to the report, gross earnings rose by 26.8 per cent year-on-year to ₦942 billion from ₦742.7 billion recorded in the corresponding period of 2025.

Interest income climbed by 12.7 per cent to ₦704.5 billion, while net interest income increased by 20.1 per cent to ₦438.8 billion.

Non-interest income recorded the strongest growth, surging by 110.7 per cent to ₦219.2 billion compared to ₦104 billion posted in Q1 2025. Operating income also grew significantly by 40.2 per cent to ₦658 billion.

Profit after tax rose by 56.5 per cent to ₦267.8 billion from ₦171.1 billion in the same period last year.

Commenting on the results, Group Managing Director, Wale Oyedeji, said the strong performance reflected the resilience of the Group’s business model and the effectiveness of its strategic execution amid economic volatility.

“FirstHoldCo has begun 2026 on a strong footing, delivering a Q1 performance that validates the resilience of our franchise and the disciplined execution of our strategy,” Oyedeji stated.

He noted that the Group’s strong rebound followed deliberate efforts in 2025 to de-risk its balance sheet and make adequate provisions for impaired and non-performing loans, which had strengthened the quality of earnings and positioned the institution for sustained growth.

The company also disclosed that it recovered approximately ₦19 billion from delinquent exposures during the quarter, particularly from oil and gas obligors, reinforcing confidence in further recoveries over time.

Despite the improved profitability, impairment charges for losses rose moderately by 8.3 per cent to ₦40.4 billion, while operating expenses increased by 21.3 per cent to ₦297.6 billion.

The Group’s total assets stood at ₦26.9 trillion, slightly lower than the ₦27.3 trillion recorded at the end of the 2025 financial year. However, customer loans and advances grew by 5.3 per cent to ₦9.4 trillion. Customer deposits declined marginally by 2.7 per cent to ₦18.4 trillion.

Its non-performing loan ratio rose to 13.4 per cent from 12 per cent recorded at the end of 2025, while NPL coverage declined to 89.4 per cent from 98.7 per cent.

The commercial banking division remained the Group’s largest revenue driver, posting gross earnings of ₦897.1 billion, representing a 23.8 per cent increase year-on-year. Profit before tax for the segment rose by 71 per cent to ₦285.8 billion.

Meanwhile, the Investment Banking and Asset Management business recorded gross earnings of ₦22.9 billion, up 36.9 per cent year-on-year, although profit before tax declined by 7.3 per cent to ₦14.8 billion.

FirstHoldCo said it would continue focusing on quality earnings growth, operational efficiency, prudent risk management and capital discipline as it seeks to strengthen shareholder returns and consolidate its position in Nigeria’s financial services industry.