First HoldCo posts N321bn profit as gross earnings rise to N942bn in Q1 2026

First HoldCo Plc has reported a strong financial performance for the first quarter ended March 31, 2026, with profit before tax rising by 72.2 per cent to N321.1 billion.

The company’s unaudited financial results released on Friday, May 8, 2026, revealed that the gross earnings climbed by 26.8 per cent to N942 billion in Q1 2026, compared to N742.7 billion recorded in the corresponding period of 2025.

Interest income increased by 12.7 per cent year-on-year to N704.5 billion, while net interest income rose by 20.1 per cent to N438.8 billion.

First HoldCo also posted a sharp rise in non-interest income, which more than doubled to N219.2 billion from N104 billion in the same period in 2025, representing a 110.7 per cent increase.

Operating income grew by 40.2 per cent to N658 billion, despite an 8.3 per cent rise in impairment charges for losses to N40.4 billion.

Operating expenses rose by 21.3 per cent to N297.6 billion from N245.3 billion recorded in the first quarter of 2025.

Profit after tax stood at N267.8 billion, representing a 56.5 per cent increase from N171.1 billion posted in the same period last year.

On the balance sheet, First HoldCo’s total assets declined slightly by 1.4 per cent to N26.88 trillion, compared to N27.25 trillion recorded at the end of the 2025 financial year.

Customer loans and advances increased by 5.3 per cent to N9.44 trillion, while customer deposits dipped by 2.7 per cent to N18.38 trillion.

Key performance indicators showed improvements in profitability ratios, with post-tax return on average equity rising to 31.6 per cent from 4.6 per cent, while post-tax return on average assets increased to 4.0 per cent from 0.5 per cent.

The group’s cost-to-income ratio improved to 45.2 per cent from 52.3 per cent, reflecting stronger operational efficiency.

First HoldCo gross earnings rise to N3.4trn as shareholders’ funds hit N3.3trn

However, the non-performing loan ratio rose to 13.4 per cent from 12.0 per cent recorded at the end of 2025, while NPL coverage declined to 89.4 per cent from 98.7 per cent.

Commenting on the results, the Group Managing Director, Wale Oyedeji, stated: “First HoldCo 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.

“In a market defined by volatility, our results underscore that our business is not only enduring but strengthening – built to perform through cycles and to compound value for shareholders.”

“Our Q1 results reflect our continued focus on enhancing revenue generation, improving operational efficiency, elevating governance standards, and applying rigorous risk management and capital allocation discipline.

“We are pleased by the sustained strength of our core banking franchise, the increased contribution from non-interest income streams, and meaningful progress in our digital transformation and financial inclusion programmes – collectively supporting a more resilient and diversified earnings profile.

“Beyond the headline numbers, we remain committed to preserving balance sheet strength, deepening prudent risk management, and upholding the highest standards of corporate governance.

“We also continue to demonstrate industry leadership in resolving legacy delinquent borrower exposures, with notable progress in asset recoveries, particularly from oil& gas obligors.

“Looking ahead, this strong start to the year reinforces our confidence in the earnings power of the First HoldCo franchise and our ability to generate enduring value for all stakeholders.

“We will sustain momentum by continuing to grow quality earnings, capturing emerging opportunities in Nigeria’s evolving financial services landscape, and translating our scale, governance, and execution discipline into superior shareholder returns in 2026 and beyond.”