FirstHoldCo Posts Record H1 2026 Financial Results
FirstHoldCo, the parent company of First Bank of Nigeria Limited, has announced its unaudited financial results for the first half of 2026, posting gross earnings of N1.93 trillion and profit before tax (PBT) of N653.5 billion. This represents a significant increase from the N1.2 trillion gross earnings and N401 billion PBT recorded in the same period of 2025.
Key Drivers of Performance
The strong performance was driven by a 60% year-on-year growth in interest income, which rose to N1.5 trillion, supported by higher yields on loans and investment securities. Non-interest income also grew by 45% to N430 billion, fueled by increased fee and commission income, as well as gains from foreign exchange revaluation.
According to the company's statement, the growth was broad-based across all business segments, with retail banking, corporate banking, and treasury operations all contributing significantly. The bank's loan book expanded by 25% to N8.2 trillion, while customer deposits grew by 18% to N12.5 trillion.
Cost Management and Efficiency
Despite the challenging operating environment, FirstHoldCo maintained cost discipline. Operating expenses increased by 35% to N680 billion, but the cost-to-income ratio improved to 48.5% from 52% in H1 2025, reflecting operational efficiency gains.
Impairment charges for credit losses were N120 billion, up from N85 billion in the prior year, but remained well within the bank's risk appetite. The non-performing loan (NPL) ratio improved to 3.8% from 4.2% in December 2025.
Profitability and Returns
Profit before tax of N653.5 billion translated to a net profit of N580 billion after tax, compared to N350 billion in H1 2025. Earnings per share (EPS) rose to N12.50 from N8.20, while return on equity (ROE) improved to 22.5% from 18%.
The board of directors has declared an interim dividend of N2.50 per share, payable to shareholders on record as of August 15, 2026. This is a 25% increase from the N2.00 interim dividend paid in the corresponding period of 2025.
Outlook and Strategic Initiatives
Commenting on the results, the Group Managing Director of FirstHoldCo, Dr. Adesola Adeduntan, said: “Our H1 2026 performance underscores the resilience of our business model and the effectiveness of our strategic initiatives. We remain focused on delivering sustainable value to our shareholders while supporting the growth of the Nigerian economy.”
Looking ahead, FirstHoldCo plans to accelerate its digital transformation, expand its retail banking footprint, and deepen its penetration in the corporate and SME segments. The bank also aims to leverage its strong capital base to pursue strategic acquisitions and partnerships.
The results were released after the close of trading on the Nigerian Exchange (NGX), where FirstHoldCo shares closed at N45.00, up 3.5% on the day.
