First HoldCo Plc on Monday announced its unaudited results for the half year ended June 30, 2026 with gross earnings at N1.93trillion, about 16.7per cent increase over N1.66 trillion reported in the half year ended June 30, 2025.
One of the oldest banks in Nigeria in its H1 2026 result and accounts on the Nigerian Exchange Limited (NGX) declared profit before tax of N653.5billion, representing an increase of 84.5 per cent from N356.1 billion reported in H1 2025, while profit for the period was at N526.1 billion in H1 2026, a growth of 81.6 per cent from N289.8 billion in H1 2025.
The group closed the period with total assets of N30.65trillion, about 12.5 per cent growth from N27.25trillion reported in the 2025 full financial year.
As customer loans & advances (Net) closed June 30, 2026 at N9.51trillion, about 6.1 per cent increase over N8.97trillion in 2025, customer deposits advanced to N21.9trillion as of June 30, 2026, a growth of 16.2 per cent from N18.88 trillion reported in 2025.
The Group Managing Director, First HoldCo , Mr. Wale Oyedeji, while commenting on the results stated that: “FirstHoldCo delivered a strong H1 2026 performance, which highlights the resilience of our franchise and the effectiveness of our balance sheet reset executed over the past year.
“We are now moving decisively from recovery to disciplined growth, supported by restored capital, improved efficiency, and a sustained earnings momentum.
“For the half year ended 30 June 2026, gross earnings rose 16.7per cent year-on-year to N1.93 trillion, operating income increased 25.8per cent to N1.38 trillion, and profit before tax grew 83.5per cent to N653.5 billion.
“This builds on our Q1 momentum and further demonstrates the strength of our franchise.
Our H1 results highlight the growing diversity and scalability of the Group’s earnings engine. Non-interest
income rose to N497.1 billion, driven by robust fee and commission income across electronic banking, brokerage, trade, funds transfer and other transaction-led businesses.
“Net interest margin remained healthy at 9.5per cent, underpinned by a lower cost of funds of 4.3per cent, disciplined pricing, an improved funding mix and continued balance sheet optimisation.
“The improvement in cost-to-income ratio to 44.2per cent, from 50.5per cent in H1 2025, reflects strong operating discipline as income growth outpaced cost growth.
“We continue to strengthen asset quality and risk discipline, supported by a 37.4% year-on-year reduction in impairment charges and a 42.2per cent increase in pre-provision operating profit. Year-to-date recoveries of approximately N91.9 billion further demonstrate disciplined execution and value realisation from legacy exposures.
“We remain focused on prudent risk management, stronger coverage, accelerated recoveries, reduced non-performing loans and the origination of high-quality assets that support durable growth.
“I am pleased to report that FirstBank’s capital adequacy ratio has been restored ahead of the 120-day plan as communicated in our last earnings call, standing at 16.7% as at H1 2026, supported by fresh equity, stronger earnings and improved profitability. Liquidity ratio remains robust at 52.2per cent.
“We will continue to strengthen our capital position to support high-quality growth and long-term value creation. Our diversified financial services platform continues to enhance earnings quality.
“The Investment Banking and Asset Management business delivered gross earnings of N46.0 billion and profit before tax of N27.4 billion, underpinned by an asset base of N572.3 billion. This performance underscores the strategic relevance of our non-banking businesses as clients increasingly demand sophisticated capital markets, advisory, asset management, trustee and securities solutions.
“We will continue to scale the businesses in this group in a disciplined and client-led manner, deepening wallet share, strengthening revenue diversification and unlocking attractive growth opportunities within our approved risk appetite and longterm return objectives.
“In closing, FirstHoldCo enters the second half of 2026 with clear momentum, stronger fundamentals and a sharper path to sustainable value creation. Our performance reflects a capital-restored institution with deep market relevance, a diversified and increasingly efficient revenue base, improving asset quality and disciplined risk execution.
“The Group combines the strength of a systemically important financial institution with the upside of a business undergoing disciplined transformation and renewed strategic ambition. We are confident in our ability to deliver superior, sustainable returns and deepen shareholder value.”
CREDIT: WESTERN POST
