By Ayomide Otitoju
First HoldCo Plc has reported a strong financial performance for the first quarter of 2026, with gross earnings rising by 26.8 per cent year-on-year to ₦942 billion and profit before tax increasing by 72.2 per cent to ₦321.1 billion.
The group’s unaudited results for the period ended March 31, 2026, showed that profit after tax rose by 56.5 per cent to ₦267.8 billion, compared to ₦171.1 billion recorded in the corresponding period of 2025.
Interest income grew 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 more than doubled, rising by 110.7 per cent to ₦219.2 billion, contributing to a 40.2 per cent increase in operating income to ₦658 billion.
Despite a rise in impairment charges for losses to ₦40.4 billion and operating expenses to ₦297.6 billion, the group improved its cost-to-income ratio to 45.2 per cent from 52.3 per cent recorded at the end of the 2025 financial year.
On the balance sheet, total assets stood at ₦26.9 trillion, while net customer loans and advances increased by 5.3 per cent to ₦9.4 trillion. Customer deposits declined marginally by 2.7 per cent to ₦18.4 trillion.
Commenting on the performance, Group Managing Director of First HoldCo Plc, Wale Oyedeji, said the group’s first-quarter performance reflected the resilience of its franchise and disciplined execution of its strategy.
He noted that the strong results followed deliberate efforts in 2025 to de-risk the group’s balance sheet through provisioning for impaired and non-performing loans, adding that the actions had strengthened earnings quality and positioned the group for sustained growth.
Oyedeji said the company remained focused on revenue growth, operational efficiency, governance, and disciplined risk management, while also recording progress in digital transformation and financial inclusion initiatives.
He disclosed that the group recovered about ₦19 billion from delinquent exposures during the quarter, particularly from oil and gas obligors, reinforcing confidence in further recoveries and stronger asset quality.
According to the results, the Commercial Banking business recorded gross earnings of ₦897.1 billion, up 23.8 per cent year-on-year, while profit before tax rose by 71 per cent to ₦285.8 billion.
The Investment Banking and Asset Management segment posted gross earnings of ₦22.9 billion, representing a 36.9 per cent increase year-on-year, although profit before tax declined by 7.3 per cent to ₦14.8 billion.
