…Profit Rises to N321bn; FY Revenue Tops N3.4tn
FirstHoldCo Plc has announced a strong start to the 2026 financial year, recording significant growth across key performance indicators for the first quarter ended March 31, 2026, reinforcing the strength of its franchise, disciplined execution strategy, and resilience amid Nigeria’s evolving financial landscape.
The Group reported gross earnings of ₦942.0 billion for Q1 2026, representing a 26.8% year-on-year increase, while profit before tax rose sharply by 72.2% to ₦321.1 billion, positioning the company among the strongest performers in Nigeria’s banking industry for the quarter.
Commenting on the results, the Group Managing Director, Wale Oyedeji, stated that the Group’s performance reflects the effectiveness of its strategic priorities and operational discipline despite market volatility.
According to him, “FirstHoldCo 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.”
He explained that the strong rebound in profitability followed deliberate efforts undertaken in 2025 to comprehensively de-risk the Group’s balance sheet, including substantial provisioning for systemic impaired and non-performing loans. He noted that resolving these legacy exposures has significantly strengthened the quality of earnings and positioned the Group for more sustainable long-term growth.
Oyedeji added that the Q1 2026 performance was driven by continued focus on revenue growth, operational efficiency, governance enhancement, prudent risk management, and disciplined capital allocation.
He further highlighted the growing contribution of non-interest income streams, progress in digital transformation initiatives, and expanding financial inclusion programmes, all of which are helping to diversify the Group’s earnings base and improve resilience across business segments.
Beyond the financial performance, the Group also maintained strong momentum in asset recovery efforts, particularly within the oil and gas sector. During the quarter, approximately ₦19 billion in recoveries were recorded from delinquent exposures, further strengthening asset quality and reinforcing the Group’s capital position.
“We remain committed to preserving balance sheet strength, deepening prudent risk management, and upholding the highest standards of corporate governance. These actions protect asset quality, sustain a strong capital position, and reinforce our capacity to fund growth responsibly across both banking and non-banking platforms,” Oyedeji stated.
Under its Commercial Banking business, the Group recorded gross earnings of ₦897.1 billion, representing a 23.8% increase year-on-year, while net interest income rose by 21.3% to ₦432.3 billion. Non-interest income recorded exceptional growth of 93.8% to ₦188.2 billion, reflecting stronger transaction banking activities and diversified revenue streams.
Profit before tax within the Commercial Banking business grew by 71.0% to ₦285.8 billion, while profit after tax rose by 56.7% to ₦236.7 billion.
The Group’s balance sheet also remained strong, with customer loans and advances increasing by 5.3% year-to-date to ₦9.4 trillion, while total assets stood at ₦26.1 trillion. Customer deposits closed at ₦18.4 trillion during the period.
Within the Investment Banking and Asset Management segment, gross earnings rose by 36.9% to ₦22.9 billion, while total assets increased by 2.5% year-to-date to ₦548.9 billion.
Looking ahead, the Group expressed confidence in sustaining its growth momentum throughout 2026 by leveraging its scale, governance framework, execution discipline, and diversified business model to deliver superior value to shareholders and stakeholders.
Oyedeji noted that the company would continue to focus on growing quality earnings, deepening customer relationships, capturing emerging opportunities within Nigeria’s financial services sector, and strengthening long-term shareholder returns.
“With this strong start to the year, we are confident in the earnings power of the FirstHoldCo franchise and our ability to generate enduring value for all stakeholders in 2026 and beyond,” he added.
