First HoldCo Plc reported a pre-tax profit of ₦653.54 billion for the six months ended 30 June 2026, representing an 83.50% increase year-on-year from ₦356.15 billion in the corresponding period of 2025. This is the best ever half-year reported by one of Nigeria’s largest financial holding companies. The share price gained 10% mid-trading on the back of the results.
Second Quarter Performance
In the second quarter, the Group posted a pre-tax profit of ₦332.42 billion, up 3.52% from the estimated ₦321.12 billion recorded in the first quarter of 2026 and up 95.92% from ₦169.67 billion in the second quarter of 2025.
Key Financial Highlights
- Interest Income: ₦1.40 trillion (Down 2.74% YoY from ₦1.44 trillion).
- Net Interest Income: ₦879.13 billion (Down 2.84% YoY from ₦904.83 billion).
- Net Fee and Commission Income: ₦178.51 billion (Up 28.71% YoY from ₦138.70 billion).
- Operating profit: ₦651.98 billion (Up 83.15% YoY from ₦355.98 billion).
- Pre-tax profit: ₦653.54 billion (Up 83.50% YoY from ₦356.15 billion).
- Profit after tax: ₦526.13 billion (Up 81.57% YoY from ₦289.77 billion).
- Earnings per share (EPS): ₦11.74 (Up from ₦6.84).
- Loans and Advances to Customers: ₦9.51 trillion (Up 6.10% from ₦8.97 trillion at 31 December 2025).
- Customer Deposits: ₦21.93 trillion (Up 16.16% from ₦18.88 trillion at 31 December 2025).
- Total assets: ₦30.65 trillion (Up from ₦27.25 trillion at 31 December 2025).
- Cash balance: Cash and balances with central banks stood at ₦5.07 trillion (Broadly flat from ₦5.07 trillion at 31 December 2025).
Management Commentary
Group Managing Director Wale Oyedeji said the first-half performance reflected the resilience of the franchise, the dedication of employees and the success of strategic actions taken to reposition the Group for the future.
“Our H1 2026 performance reflects far more than strong numbers, it demonstrates the resilience of our franchise, the dedication of our people and the success of the strategic actions we undertook to reposition the Group for the future.” He stated that management had focused on strengthening the balance sheet, restoring capital, improving asset quality and enhancing operating efficiency, with the results demonstrating that these initiatives are delivering meaningful outcomes and providing a stronger foundation for long-term growth.
“Over the past year, we have worked deliberately to strengthen our balance sheet, restore capital, improve asset quality, and enhance operating efficiency. The results show that those efforts are delivering meaningful outcomes and creating a stronger foundation for long-term growth.”
Driving the Numbers
The Group’s earnings growth was supported by stronger non-interest income despite a modest decline in interest income. Fee and commission income increased to ₦214.66 billion from ₦168.57 billion, while net gains on investment securities, gains from financial instruments measured at fair value through profit or loss and other operating income all recorded significant improvements. Other operating income rose particularly strongly to ₦136.67 billion from ₦13.15 billion, providing a major boost to overall earnings. Net interest income after impairment charges also improved to ₦762.99 billion from ₦719.43 billion, even though interest income declined year-on-year. Impairment charges for credit losses reduced substantially to ₦116.14 billion from ₦185.40 billion, indicating improved credit quality during the period.
Operating expenses increased, with personnel expenses rising to ₦180.26 billion and other operating expenses to ₦384.55 billion, reflecting the higher cost environment. However, the growth in operating income more than offset these increases, lifting operating profit by over 83% year-on-year.
The balance sheet also strengthened during the period. Total assets expanded to ₦30.65 trillion, driven by growth in loans to customers, investment securities and financial assets measured at fair value through profit or loss. Borrowings declined significantly to ₦964.83 billion from ₦1.94 trillion, while total equity increased to ₦3.63 trillion, reflecting strong earnings retention and an improved capital position.
Market Reaction
Based on the share price information provided, First HoldCo’s shares rose 10% to ₦105.50 following the release of the results. The stock has returned 111% over the past six months and 210.75% over the past one year, reflecting strong investor confidence in the Group’s improving financial performance.
Dividend: No dividend was declared in the uploaded financial statements for the six-month period ended 30 June 2026.
