First HoldCo delivered a return on average equity of 31.6% in the first quarter of 2026, outperforming every other major bank in Nigeria on the metric that measures how much profit a lender generates from shareholder capital.
The figure, drawn from the company’s own investor presentation, places First HoldCo ahead of Nigeria’s other big banks. Zenith Bank posted 24.9%, GTCO 24.8%, Access Holdings 19.9% and United Bank for Africa 13.7%, putting the average for Nigeria’s five largest banks at just under 23%.
Return on average equity is closely watched by bank investors because it shows how efficiently a lender turns shareholder funds into profit. Figures above 20% are generally considered strong performance.
The presentation also compared First HoldCo with six major South African banks, though over a twelve-month period rather than a single quarter. On that basis, Capitec came closest at 29.1%, ahead of FirstRand at 19.6%, Standard Bank at 18.7%, Absa at 13.7%, Investec at 12.5% and Nedbank at 7.4%.
Despite the stronger profitability ratio, First HoldCo trades at a fraction of Capitec’s valuation, according to the same presentation, which put First HoldCo at 1.91 times book value against Capitec’s 9.03 times. Among Nigerian banks, however, First HoldCo trades at a premium, with a book value multiple of nearly twice the sector median.
The company’s share price has risen sharply this year, and its market value has made it Nigeria’s most valuable bank, ahead of Zenith Bank, GTCO, Stanbic IBTC, UBA and Access Holdings. The broader Nigerian banking sector has also rerated, with combined market value of the twelve largest lenders climbing substantially between December and mid-September, according to the presentation.
