FirstHoldCo Plc has announced a strong financial performance for the first half of 2026, posting significant growth in earnings, profitability, and operational efficiency. The company reported gross earnings of ₦1.93 trillion and a profit before tax (PBT) of ₦653.5 billion for the six months ended June 30, 2026.
The FirstHoldCo H1 2026 results highlight the success of the Group’s ongoing transformation strategy. In addition, they reflect improvements in capital strength, asset quality, and revenue diversification across its businesses.
Gross earnings increased by 16.7 percent year-on-year to ₦1.93 trillion. Meanwhile, operating income climbed by 25.8 percent to ₦1.38 trillion. Profit before tax also surged by 83.5 percent, reaching ₦653.5 billion compared to the same period last year.
The performance builds on the momentum recorded in the first quarter of 2026. As a result, the Group says it has moved beyond its recovery phase and is now focused on sustainable growth, stronger profitability, and long-term value creation.
Stronger Earnings Drive Growth
A key highlight of the FirstHoldCo H1 2026 results was the continued growth in non-interest income. The Group generated ₦497.1 billion from transaction-led businesses, including electronic banking, trade services, brokerage, funds transfer, and other financial services.
At the same time, the company maintained a healthy net interest margin of 9.5 percent. Management attributed the improvement to disciplined pricing, a better funding mix, lower funding costs, and continued balance sheet optimisation.
Consequently, FirstHoldCo strengthened its earnings base while reducing its dependence on traditional interest income.
Operating Efficiency Improves
The Group also reported better cost management during the review period.
Its cost-to-income ratio improved to 44.2 percent from 50.5 percent in the first half of 2025. This improvement reflects disciplined spending and the company’s ability to convert higher revenue into stronger profitability.
Furthermore, ongoing investments in technology and operational efficiency helped improve productivity across the organisation.
Asset Quality Continues to Strengthen
FirstHoldCo recorded further improvements in risk management and asset quality during the first six months of the year.
Impairment charges declined by 37.4 percent compared to the same period in 2025. Meanwhile, pre-provision operating profit increased by 42.2 percent, reflecting stronger business performance and better credit risk management.
The Group also recovered approximately ₦91.9 billion from legacy exposures during the period. According to the company, these recoveries demonstrate continued progress in reducing non-performing loans and strengthening the quality of its loan portfolio.
Going forward, management said it remains committed to improving portfolio quality, accelerating recoveries, and originating high-quality assets that support sustainable long-term growth.
FirstBank Restores Capital Position
Another major milestone in the FirstHoldCo H1 2026 results was the restoration of FirstBank’s Capital Adequacy Ratio ahead of schedule.
As of June 30, 2026, the bank recorded a Capital Adequacy Ratio of 16.7 percent. In addition, its liquidity ratio stood at a strong 52.2 percent.
The Group said this achievement reflects the success of its recapitalisation programme and earnings retention strategy. Moreover, it provides additional capacity to support customers, expand operations, and pursue new business opportunities.
Non-Banking Businesses Expand Contribution
FirstHoldCo’s non-banking subsidiaries also delivered encouraging results during the reporting period.
Its Investment Banking and Asset Management businesses generated gross earnings of ₦46 billion and profit before tax of ₦27.4 billion. Together, the businesses managed assets worth ₦572.3 billion.
The company noted that these operations continue to diversify revenue sources while strengthening customer relationships across its financial services ecosystem.
Otedola, Oyedeji React to Results
Group Chairman Femi Otedola described the financial performance as another important milestone in the company’s transformation journey.
According to him, the first half of 2026 represents a turning point for FirstHoldCo.
He said the Board’s decision to strengthen the institution had produced positive results, adding that the Group is now benefiting from a stronger balance sheet and improved profitability.
Group Managing Director Wale Oyedeji also expressed confidence in the company’s direction.
He said the results reflect more than strong financial numbers, noting that they demonstrate the resilience of the Group, the commitment of its workforce, and the success of management’s strategic initiatives.
Oyedeji added that the company deliberately strengthened its balance sheet, restored capital, improved asset quality, and enhanced operational efficiency over the past year. According to him, those efforts have created a stronger platform for long-term growth.
He also highlighted the early restoration of FirstBank’s capital adequacy ratio and the growing contribution of the Group’s transaction-led businesses and Investment Banking and Asset Management divisions.
Outlook for the Second Half
With stronger capital, solid liquidity, improving asset quality, and diversified revenue streams, FirstHoldCo believes it is well positioned for the second half of 2026.
The Group said it will continue to focus on disciplined growth, prudent risk management, operational excellence, and delivering sustainable value for shareholders and other stakeholders.
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