FirstHoldCo Sustains Strong Q1 Momentum As Gross Earnings Hit N942bn, Profit Rises To N321bn; FY Revenue Tops N3.4tn

FirstHoldCo Plc has bounced back with impressive momentum in the first quarter of 2026, delivering one of the strongest quarterly performances in the Nigerian banking industry, as the diversified financial services group capitalizes on decisive strategic actions taken in 2025 to de-risk its balance sheet.

The financial group reported gross earnings of ₦942.0 billion for Q1 2026, representing a robust 26.8 per cent year-on-year increase, while profit before tax surged 72.2 per cent to ₦321.1 billion, underlining the effectiveness of management’s turnaround strategy and disciplined execution.

Group Managing Director Wale Oyedeji attributed the strong rebound to the bank’s deliberate actions in 2025, which comprehensively addressed legacy impaired and non-performing loans through adequate provisioning. “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,” Oyedeji said.

The Q1 results reflect sustained momentum across core banking operations. Net interest income climbed 20.1 per cent to ₦438.8 billion, while non-interest income jumped 110.7 per cent to ₦219.2 billion, underscoring growing contributions from diversified revenue streams including digital transformation initiatives and expanded financial inclusion programmes. Operating income surged 40.2 per cent to ₦658.0 billion.

Profit for the quarter reached ₦267.8 billion, up 56.5 per cent year-on-year, with post-tax return on average equity hitting an impressive 31.6 per cent. The bank also recorded approximately ₦19 billion in asset recoveries during the quarter, particularly from upstream oil and gas, reinforcing management’s confidence in further recoveries over time.

The strong Q1 performance caps a transformative 2025 for FirstHoldCo. Despite facing headwinds from comprehensive balance sheet de-risking and normalization of foreign exchange gains, the group delivered full-year gross earnings of ₦3.4 trillion, up 6.9 per cent from 2024. Net interest income grew substantially by 36.8 per cent to ₦1.9 trillion, while the bank expanded its customer deposit base by 10.0 per cent to ₦18.9 trillion, demonstrating sustained customer confidence and a resilient funding platform.

Looking ahead, Oyedeji expressed confidence in the earnings power of the FirstHoldCo franchise, emphasizing management’s commitment to growing quality earnings, capturing emerging opportunities in Nigeria’s evolving financial services landscape, and translating the bank’s scale, governance, and execution discipline into superior shareholder returns.

The bank’s commercial banking division contributed ₦897.1 billion in gross earnings for Q1, up by 23.8 per cent year-on-year, while the Investment Banking and Asset Management segment generated ₦22.9 billion, an increase of 36.9 per cent.