FirstHoldCo Plc has announced an exceptional financial performance for the half year ended June 30, 2026. Profit before tax surged by 83.5% to ₦653.5 billion, driven by robust growth across key performance indicators. The Group recorded gross earnings of ₦1.93 trillion, representing a 16.7% year-on-year increase, while operating income grew by 25.8% to ₦1.38 trillion.
Strategic Transformation Yields Results
The results signal a successful emergence from a period of strategic balance sheet transformation. FirstHoldCo is now positioned on a trajectory of sustainable growth, enhanced profitability, and long-term value creation for stakeholders. The performance underscores the strength of the Group’s franchise, the quality and resilience of its earnings, and the benefits of strategic decisions taken over the past year.
Building on strong momentum from Q1 2026, the half-year result marks a defining shift from recovery and repositioning to disciplined growth, improved efficiency, and sustainable value creation. Following a comprehensive and transparent balance sheet clean-up that addressed legacy asset quality concerns and strengthened capital, FirstHoldCo is now reaping the rewards of a stronger, healthier institution.
Earnings Platform Strengthened
Non-interest income rose to ₦497.1 billion, supported by strong performances in electronic banking, trade services, brokerage, funds transfer, and other transaction-led businesses. This complemented a healthy net interest margin of 9.5%, driven by disciplined pricing, an improved funding mix, lower funding costs, and continued balance sheet optimisation. The result is a more balanced and sustainable earnings profile.
Operational efficiency continued to improve, with the cost-to-income ratio improving significantly to 44.2% from 50.5% in H1 2025. This demonstrates disciplined cost management and the ability to translate revenue growth into stronger profitability, supported by ongoing investments in technology and operational excellence.
Asset Quality and Risk Management
Prudent risk management drove improvements in asset quality. Impairment charges declined by 37.4% year-on-year, while pre-provision operating profit increased by 42.2%. The Group recovered approximately ₦91.9 billion during the half year, reflecting sustained success in extracting value from legacy exposures and reinforcing management’s commitment to prudent risk stewardship.
FirstBank’s Capital Adequacy Ratio was restored ahead of schedule, standing at 16.7% as of June 30, 2026, with a liquidity ratio of 52.2%. This provides a solid platform for future expansion and strengthens the Group’s capacity to support customers and pursue growth opportunities.
Non-Banking Businesses Gain Traction
The Group’s non-banking businesses, including Investment Banking and Asset Management, recorded ₦46.0 billion in gross earnings and ₦27.4 billion in profit before tax, supported by an asset base of ₦572.3 billion. These businesses are deepening customer relationships, broadening revenue streams, and positioning FirstHoldCo as a truly diversified financial services group.
Group Chairman Femi Otedola described the results as a significant achievement in the transformation journey. He said: “The first half of 2026 marks an important turning point for FirstHoldCo. These results affirm that the bold decisions the Board took to strengthen the institution were the right ones. We are witnessing the benefits of a stronger balance sheet and improved profitability.”
Group Managing Director Wale Oyedeji added: “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. 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.”
With restored capital, strong liquidity, improving asset quality, and a diversified earnings platform, FirstHoldCo enters the second half of 2026 from a position of strength, focused on disciplined growth, prudent risk management, and sustainable value creation.
