By Ayomide Otitoju
First HoldCo Plc has reported a strong financial performance for the first half of 2026, posting gross earnings of ₦1.93 trillion and a profit before tax (PBT) of ₦653.5 billion, reflecting significant growth across its banking and non-banking businesses.
The group’s unaudited results for the six months ended June 30, 2026, showed gross earnings rose by 16.7 per cent year-on-year, while operating income increased by 25.8 per cent to ₦1.38 trillion. Profit before tax surged by 83.5 per cent, underscoring the company’s continued recovery and growth momentum.
Group Managing Director, Wale Oyedeji, said the performance demonstrates the resilience of the group’s franchise and the success of its balance sheet restructuring over the past year.
According to him, the company has transitioned from recovery to disciplined growth, supported by restored capital, improved operational efficiency and sustained earnings momentum.
He noted that non-interest income climbed to ₦497.1 billion, driven by strong growth in electronic banking, brokerage, trade finance, funds transfers and other transaction-based businesses. Net interest margin remained healthy at 9.5 per cent, supported by a lower cost of funds of 4.3 per cent, improved funding mix and disciplined pricing.
Oyedeji added that the group’s cost-to-income ratio improved to 44.2 per cent from 50.5 per cent recorded in the corresponding period of 2025, reflecting stronger operating discipline as revenue growth outpaced operating costs.
On asset quality, he said impairment charges declined by 37.4 per cent year-on-year, while pre-provision operating profit rose by 42.2 per cent. The group also recovered approximately ₦91.9 billion from legacy exposures during the period, strengthening its risk management profile.
He further disclosed that FirstBank restored its capital adequacy ratio to 16.7 per cent ahead of its previously announced 120-day recapitalisation plan, supported by fresh equity injections and stronger profitability. The bank’s liquidity ratio stood at 52.2 per cent as of June 2026.
Oyedeji said the group’s diversified financial services model continued to enhance earnings quality, with its Investment Banking and Asset Management (IBAM) business posting gross earnings of ₦46 billion and profit before tax of ₦27.4 billion on total assets of ₦572.3 billion.
He reaffirmed the group’s commitment to expanding its non-banking businesses while maintaining prudent risk management and long-term value creation.
“Our H1 results demonstrate the strength of our franchise, improving asset quality, restored capital position and diversified earnings base. We remain confident in our ability to deliver sustainable returns and deepen shareholder value,” Oyedeji said.
Within the Commercial Banking business, gross earnings rose by 14.5 per cent to ₦1.84 trillion, while non-interest income jumped 162.8 per cent to ₦437.9 billion. Profit before tax increased by 81 per cent to ₦590.2 billion, while profit after tax grew by 79.6 per cent to ₦475.5 billion.
The banking business also reported total assets of ₦30 trillion, customers’ loans and advances of ₦9.5 trillion, and customer deposits of ₦22 trillion, representing year-to-date growth of 12.5 per cent, 6.2 per cent and 16.2 per cent, respectively.
The Investment Banking and Asset Management division recorded gross earnings of ₦46 billion, up 5.7 per cent year-on-year, while profit before tax rose five per cent to ₦27.4 billion. Total assets for the segment increased by 6.9 per cent to ₦572.3 billion.
First HoldCo said it enters the second half of 2026 with stronger fundamentals, improved profitability and a renewed focus on sustainable growth, capital strength and long-term shareholder value.
