FirstHoldCo posts ₦653.5bn profit before tax in H1 2026, up 83.5%

FirstHoldCo Plc has announced a significant financial turnaround, reporting an impressive 83.5% surge in profit before tax to ₦653.5 billion for the first half of 2026. The company's gross earnings climbed 16.7% year-on-year to ₦1.93 trillion, while operating income saw a substantial 25.8% increase.

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The result reflects a business that is emerging successfully from a period of strategic balance sheet transformation and is now firmly positioned on a trajectory of sustainable growth, enhanced profitability and long-term value creation for its numerous stakeholders and shareholders.

This stellar performance signals the company's successful emergence from a strategic balance sheet transformation. FirstHoldCo is now positioned for sustainable growth, improved profitability, and long-term value creation for its stakeholders. The results underscore the strength of its franchise, the resilience of its earnings, and the effectiveness of recent strategic decisions.

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Undoubtedly, this is yet another stellar performance, delivering robust growth across key performance indicators and reinforcing FirstHoldCo’s position as one of Africa’s leading financial services groups.

The company's earnings profile has become more balanced and sustainable. Non-interest income rose to ₦497.1 billion, boosted by strong performances in electronic banking and other transaction-based services. This was complemented by a healthy net interest margin of 9.5%, achieved through disciplined pricing and an optimized balance sheet.

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Following one of the most comprehensive and transparent balance sheet clean-ups in the Nigerian financial services industry, which addressed legacy asset quality concerns and strengthened the Group’s capital position, FirstHoldCo is now beginning to reap the rewards of a stronger, healthier and more resilient institution.

Operational efficiency also saw marked improvement, with the cost-to-income ratio dropping to 44.2% from 50.5% in the same period last year. This reflects disciplined cost management and the successful translation of revenue growth into stronger profitability, supported by ongoing investments in technology and operational excellence.

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Non-interest income rose to ₦497.1 billion, supported by impressive performances across electronic banking, trade services, brokerage, funds transfer and other transaction-led businesses.