FIRSTHOLDCO POSTS N321BN Q1 PROFIT AS EARNINGS HIT N942BN Banking Giant Records One of Industry’s Strongest Quarterly Performances Amid Aggressive Loan Recoveries

First Holdco Plc has reported a strong financial performance for the first quarter ended March 31, 2026, posting a profit before tax of ₦321.1 billion and gross earnings of ₦942 billion, as the financial services giant sustained revenue growth and strengthened profitability across its operations. 

According to the Group’s unaudited Q1 2026 results released on Tuesday, profit before tax rose sharply by 72.2 per cent from ₦186.5 billion recorded in the corresponding period of 2025, while profit after tax climbed by 56.5 per cent to ₦267.8 billion.

Gross earnings also increased by 26.8 per cent year-on-year from ₦742.7 billion to ₦942 billion, driven by strong interest income growth, improved operating efficiency and a major surge in non-interest income.

The Group’s interest income grew by 12.7 per cent to ₦704.5 billion, while non-interest income more than doubled, rising by 110.7 per cent to ₦219.2 billion from ₦104 billion recorded in Q1 2025.

Operating income stood at ₦658 billion, representing a 40.2 per cent increase, while operating expenses rose moderately by 21.3 per cent to ₦297.6 billion.

Commenting on the performance, Group Managing Director of First Holdco Plc, Wale Oyedeji, said the company’s strong start to 2026 reflects the resilience of its business model and the effectiveness of strategic reforms implemented in the past year.

He noted that the impressive earnings rebound followed deliberate efforts in 2025 to clean up the balance sheet and adequately provide for non-performing and impaired loans.

According to him, the Group has now strengthened the quality of its earnings and positioned itself for sustainable long-term growth.

Oyedeji disclosed that the company recorded approximately ₦19 billion in loan recoveries during the first quarter, particularly from oil and gas obligors, reinforcing confidence in additional recoveries going forward.

The commercial banking arm remained the major earnings driver, generating ₦897.1 billion in gross earnings and ₦285.8 billion profit before tax during the quarter.

Customer loans and advances rose to ₦9.4 trillion, while total assets stood at ₦26.9 trillion.

The Group also recorded improvements in key performance indicators, with cost-to-income ratio declining to 45.2 per cent from 52.3 per cent, indicating improved operational efficiency.

However, the non-performing loan ratio increased slightly to 13.4 per cent from 12.0 per cent recorded at the end of 2025.

The company said it would continue to focus on growing quality earnings, strengthening governance, deepening financial inclusion and leveraging digital transformation initiatives to sustain profitability and deliver superior returns to shareholders.