FirstHoldCo Plc has announced strong financial results for the first half of the year ending June 30, 2026.
The company saw profit before tax jump by 83.5 percent to ₦653.5 billion.
Gross earnings also rose to ₦1.93 trillion, marking a 16.7 percent increase compared to last year. Operating income grew by 25.8 percent to ₦1.38 trillion.
These results show that FirstHoldCo is coming out of a period of restructuring and is now set for steady growth, better profits, and long-term value for its many stakeholders and shareholders.
This performance is impressive, showing strong growth in key areas and confirming FirstHoldCo’s status as one of Africa’s top financial services companies.
The results reflect the strength of the Group, the quality of its earnings, and the benefits from strategic decisions made over the past year.
Building on the strong start in the first quarter of 2026, this half-year result shows a major shift in FirstHoldCo’s journey, moving from recovery to focused growth, improved efficiency, and lasting value creation.
After one of the most thorough balance sheet clean-ups in Nigeria’s financial sector, which dealt with past asset quality issues and boosted the Group’s capital, FirstHoldCo is now starting to enjoy the benefits of a stronger and more resilient company.
Today, the Group is better capitalized, more efficient, and well-positioned to take advantage of new opportunities in financial services.
At the core of the Group’s success is a stronger earnings base.
Non-interest income grew to ₦497.1 billion, thanks to strong performances in electronic banking, trade services, brokerage, funds transfer, and other transaction-driven services.
This was backed by a solid net interest margin of 9.5 percent, driven by smart pricing, better funding sources, lower costs, and ongoing improvements in the balance sheet.
The outcome is a stronger and more balanced earnings profile, which lays a solid foundation for consistent growth no matter the market conditions.
Another key highlight was the improvement in operational efficiency. The Group’s cost-to-income ratio reduced to 44.2 percent from 50.5 percent in H1 2025, showing effective cost control and the ability to turn revenue growth into better profits.
This performance highlights the impact of the Group’s investments in technology, operational excellence, and productivity, positioning it to create more value for shareholders.
FirstHoldCo’s careful risk management also helped improve asset quality during this period. Impairment charges dropped by 37.4 percent year-on-year, while pre-provision operating profit increased by 42.2 percent, showing the strength of the franchise and the Group’s focus on reducing bad loans.
Another clear example of the Group’s strong risk management was the recovery of around ₦91.9 billion in the first half of the year. This shows success in managing past exposures and reinforces management’s commitment to responsible risk practices.
As part of its growth plan and strong risk management, the Group is focused on reducing bad loans, speeding up recoveries, improving portfolio quality, and creating high-quality assets that can provide long-term returns.
Another significant achievement during this period was the early restoration of FirstBank’s Capital Adequacy Ratio, which shows the effectiveness of the Group’s recapitalization and earnings retention efforts.
As of June 30, 2026, FirstBank’s Capital Adequacy Ratio was at 16.7 percent, while its liquidity ratio was very strong at 52.2 percent.
This success provides a solid base for future growth and strengthens the Group’s ability to support customers and pursue new opportunities.
The Group’s non-banking businesses are also gaining ground and becoming more important for earnings diversification.
The Investment Banking and Asset Management sectors 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 sectors are helping to deepen customer relationships and broaden revenue sources, making FirstHoldCo a truly diversified financial services organization.
The Group Chairman of FirstHoldCo Plc, Femi Otedola, called the results a major milestone in the Group’s transformation journey.
He said: "The first half of 2026 marks an important turning point for FirstHoldCo. These results show that the bold decisions the Board made to strengthen the company were the right ones. We are seeing the benefits of a stronger balance sheet and better profits."
The Group Managing Director, Wale Oyedeji, also spoke about the performance, saying: "Our H1 2026 results reflect more than just strong numbers; they show the strength of our franchise, the hard work of our people, and the success of our strategic actions to reposition the Group for the future.
"Over the last year, we have worked hard to strengthen our balance sheet, restore capital, improve asset quality, and enhance operational efficiency. The results prove that those efforts are producing real results and building a stronger foundation for long-term growth."
He added: "We are especially pleased with the early restoration of FirstBank’s Capital Adequacy Ratio, the continued growth of our transaction-led businesses, and the increasing contributions from our Investment Banking and Asset Management sectors."
With restored capital, strong liquidity, improved asset quality, and a diverse earnings platform, FirstHoldCo is entering the second half of 2026 in a strong position. The Group is focused on steady growth, responsible risk management, operational excellence, and providing lasting value for shareholders and all stakeholders.
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