First HoldCo Plc has reported its strongest half-year performance on record, posting a pre-tax profit of ₦653.54 billion for the six months ended June 30, 2026, an 83.5% increase from ₦356.15 billion recorded in the corresponding period of 2025.
The company’s shares also rose by 10% during mid-day trading following the release of the results.
The Group sustained its momentum in the second quarter, delivering a pre-tax profit of ₦332.42 billion, up 3.5% from ₦321.12 billion in the first quarter and 95.9% higher than the ₦169.67 billion reported in the second quarter of 2025.
The record performance was underpinned by strong profitability growth and improved balance sheet metrics. While interest income declined slightly to ₦1.40 trillion from ₦1.44 trillion a year earlier, net interest income also eased marginally to ₦879.13 billion from ₦904.83 billion. However, net fee and commission income climbed 28.7% to ₦178.51 billion, helping drive operating profit up 83.2% to ₦651.98 billion. Profit after tax rose 81.6% to ₦526.13 billion, while earnings per share increased to ₦11.74 from ₦6.84.
The Group’s financial position also strengthened during the period. Loans and advances to customers grew 6.1% to ₦9.51 trillion, customer deposits increased 16.2% to ₦21.93 trillion, and total assets expanded to ₦30.65 trillion from ₦27.25 trillion at the end of December 2025. Cash and balances with central banks remained broadly stable at ₦5.07 trillion.
Commenting on the results, Chairman of First HoldCo Plc, Femi Otedola, described the performance as a major milestone in the company’s transformation journey.
“The first half of 2026 marks an important turning point for FirstHoldCo. These results affirm that the Board’s bold decisions to strengthen the institution were the right ones. We are witnessing the benefits of a stronger balance sheet and improved profitability,” he said.
Group Managing Director, Wale Oyedeji, said the results reflected the resilience of the Group, the commitment of its workforce and the success of strategic initiatives implemented over the past year.
“Our H1 2026 performance reflects far more than strong numbers; it demonstrates the resilience of our franchise, the dedication of our people and the success of the strategic actions we undertook to reposition the Group for the future.”
Oyedeji noted that management had focused on strengthening the balance sheet, restoring capital, improving asset quality and enhancing operational efficiency, adding that those efforts are now translating into stronger financial performance and positioning the Group for sustainable long-term growth.
The earnings growth was largely driven by higher non-interest income despite the modest decline in interest income. Fee and commission income increased to ₦214.66 billion from ₦168.57 billion, while gains on investment securities, fair value financial instruments and other operating income recorded significant improvements.
Other operating income rose sharply to ₦136.67 billion, compared with ₦13.15 billion in the same period last year, providing a substantial boost to overall earnings. Net interest income after impairment charges also improved to ₦762.99 billion from ₦719.43 billion, while impairment charges for credit losses declined significantly to ₦116.14 billion from ₦185.40 billion, reflecting improved asset quality.
Although operating expenses increased amid a challenging cost environment, with personnel expenses rising to ₦180.26 billion and other operating expenses to ₦384.55 billion, the growth in operating income more than offset the higher costs, resulting in an 83% increase in operating profit.
The Group’s balance sheet also showed notable improvement. Total assets expanded on the back of growth in customer lending, investment securities and financial assets measured at fair value through profit or loss. Borrowings declined sharply to ₦964.83 billion from ₦1.94 trillion, while shareholders’ equity rose to ₦3.63 trillion, supported by strong earnings retention and an improved capital position.