First HoldCo Plc has reported a 60.84% year-on-year improve in group profit earlier than tax to N911.24 billion for the 9 months ended September 30, 2026, in contrast with N566.54 billion in the corresponding interval of 2025.
According to the unaudited outcomes in the third quarter alone, pre-tax profit rose by 22.49% to N257.71 billion from N210.39 billion in Q3 2025.
Despite the contraction in curiosity earnings, profit after tax elevated by 65.11% to N744.45 billion from N450.87 billion in 9M 2025.
The earnings efficiency was supported by stronger charge and fee earnings, features from monetary devices, increased different working earnings and decrease impairment expenses, which helped offset a decline in internet curiosity earnings.
Key Highlights (9M 2026 vs. 9M 2025)
- Gross income: N2.87 trillion (Up 8.79% YoY from N2.64 trillion).
- Interest earnings: N2.09 trillion (Down 8.69% YoY from N2.29 trillion).
- Impairment expenses: N207.10 billion (Down 28.32% YoY from N288.92 billion).
- Net curiosity earnings: N1.26 trillion (Down 16.02% YoY from N1.50 trillion).
- Net charge and fee earnings: N316.43 billion (Up 48.08% YoY from N213.69 billion).
- Operating profit: N909.36 billion (Up 60.69% YoY from N565.91 billion).
- Earnings per share: N16.45 (Up 54.46% YoY from N10.65).
- Total property: N32.20 trillion (Up 18.15% from N27.25 trillion in December 2025).
- Customer deposits: N22.91 trillion (Up 21.32% from N18.88 trillion).
- Loans and advances to clients: N9.39 trillion (Up 4.77% from N8.97 trillion).
- Cash and balances with central banks: N5.65 trillion (Up 11.26% from N5.07 trillion).
- Total fairness: N3.86 trillion (Up 16.97% from N3.30 trillion).
Driving the numbers
First HoldCo’s nine-month earnings efficiency was supported by stronger non-interest earnings and diminished credit score impairment expenses, which helped drive bottom-line progress regardless of declining internet curiosity earnings.
- The Group’s gross earnings elevated by 8.79% to N2.87 trillion, with industrial banking accounting for the most important proportion of earnings.
- Commercial banking generated N784.77 billion in pre-tax profit in contrast with N531.91 billion in the corresponding interval of 2025.
- Investment Banking and Asset Management additionally recorded stronger profitability, with pre-tax profit rising to N86.32 billion from N36.69 billion.
A serious strain level was curiosity earnings, which declined by 8.69% to N2.09 trillion from N2.29 trillion in 9M 2025. The decline was pushed primarily by decrease curiosity earnings from buyer loans and funding securities.
- Interest earnings from loans and advances to clients declined by 10.59% to N1.30 trillion from N1.46 trillion.
- Interest earnings from funding securities declined by 9.57% to N651.23 billion from N720.15 billion.
- Interest earnings from loans and advances to banks elevated by 21.48% to N136.92 billion from N112.71 billion.
Customer lending remained the most important supply of curiosity earnings, contributing about 62.35% of whole curiosity earnings, whereas funding securities accounted for 31.11%.
- The discount in curiosity earnings occurred regardless of the growth of the Group’s buyer mortgage and funding securities portfolios in the course of the interval.
At the identical time, curiosity bills elevated by 5.20% to N833.00 billion from N791.80 billion.
- Consequently, internet curiosity earnings declined by 16.02% to N1.26 trillion, in contrast with N1.50 trillion in the corresponding interval of 2025.
However, the discount in credit score impairment expenses offered some aid to profitability.
- Impairment expenses declined by 28.32% to N207.10 billion from N288.92 billion, decreasing the quantity deducted from curiosity earnings for anticipated credit score losses.
Beyond curiosity earnings, First HoldCo recorded vital enhancements throughout a number of non-interest income traces.
- Net charge and fee earnings elevated by 48.08% to N316.43 billion from N213.69 billion, offering further assist to working earnings.
- Foreign alternate features additionally elevated to N86.24 billion from N71.94 billion, supported by increased overseas alternate buying and selling earnings.
Another notable contributor was the turnaround in earnings from monetary devices measured at honest worth by way of profit or loss.
- The Group reported a internet achieve of N104.59 billion, in contrast with a lack of N72.78 billion in 9M 2025.
This enchancment was supported by buying and selling features on debt securities of N136.94 billion, whereas honest worth losses narrowed to N32.35 billion from N98.57 billion.
Balance sheet
On the stability sheet, First HoldCo’s whole property expanded by N4.94 trillion to N32.20 trillion, representing an 18.15% improve from December 2025.
The growth was pushed largely by funding securities, which elevated by 47.92% to N10.31 trillion from N6.97 trillion.
- Investment securities accounted for 32.02% of whole property, in contrast with 25.58% on the finish of 2025.
- Loans and advances to clients elevated by 4.77% to N9.39 trillion, though their contribution to whole property declined to 29.18% from 32.90%.
- Financial property measured at honest worth by way of profit or loss elevated by 94.32% to N2.22 trillion.
- Cash and balances with central banks elevated by 11.26% to N5.65 trillion.
These actions point out that the Group’s asset progress was concentrated extra closely on funding securities and monetary property than in buyer lending.
On the funding aspect, buyer deposits elevated by 21.32% to N22.91 trillion, accounting for 71.16% of whole property, in contrast with 69.29% in December 2025.
- In distinction, borrowings declined by 38.73% to N1.19 trillion from N1.94 trillion, decreasing their proportion of whole property to 3.70% from 7.13%.
The mixture of stronger deposit progress and decrease excellent borrowings displays a change in the Group’s funding composition, though curiosity bills remained elevated in the course of the reporting interval.
Meanwhile, retained earnings elevated by 182.67% to N1.14 trillion from N401.80 billion, supporting progress in shareholders’ fairness.
Total fairness elevated by 16.97% to N3.86 trillion, though its proportion of whole property edged down to 11.99% from 12.11%.
Market response
First HoldCo shares have appreciated by 173.49% year-to-date, rising from N47.90 firstly of 2026 to N131.00 as of Thursday, October 22, 2026.
However, the inventory has recorded a month-to-date decline of roughly 18.07%, in contrast with its September 30 closing worth of N159.90 disclosed in the Group’s monetary statements.
This represents a decline of N28.90 per share throughout October, though the inventory stays considerably above its opening worth for the 12 months.
