First HoldCo’s half-year profit rises to ₦653.5bn on stronger earnings

First HoldCo reported a record ₦653.5bn profit before tax in the first half of 2026, sending its shares up 10% on stronger financial performance

First HoldCo Plc on Monday reported a record ₦653.54 billion profit before tax for the first half of 2026, representing an 83.5 per cent increase from ₦356.15 billion recorded in the corresponding period of 2025, as stronger earnings and improved operational efficiency reinforced investor confidence.

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The banking group’s profit after tax climbed to ₦526.13 billion, while operating profit rose to ₦651.98 billion, reflecting higher non-interest income, lower credit impairment charges and continued improvements in operational performance.

The financial results also showed steady balance sheet growth. Total assets increased to ₦30.65 trillion, customer deposits rose to ₦21.93 trillion, and loans to customers expanded to ₦9.51 trillion, highlighting the group’s growing capacity to support businesses and economic activity.

Investors responded positively to the impressive performance, pushing First HoldCo’s share price up 10 per cent during trading after the results were released.

Group Chairman Femi Otedola described the results as another significant milestone in the company’s ongoing transformation.

“This is a major milestone in our transformation journey,” Otedola said.

Management said the strong performance reflected deliberate efforts to strengthen the group’s balance sheet, improve asset quality and position the business for sustainable long-term growth.

“The performance reflects our efforts to strengthen the balance sheet, improve asset quality and position the group for long-term growth,” the company said.

The latest earnings extend a period of steady progress for First HoldCo, formerly FBN Holdings, following governance reforms, business restructuring and renewed strategic investment.

The group has also been strengthening its operations as Nigeria’s banking industry adapts to higher capital requirements introduced by the Central Bank of Nigeria.

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Although banks continue to navigate inflationary pressures, foreign exchange volatility and evolving regulatory conditions, First HoldCo’s latest results underscore its resilience and strengthen its position among Nigeria’s leading financial institutions.