First HoldCo Plc. (“FirstHoldCo” or the “Group”) has announces its unaudited results for the first quarter ended March 31, 2026.
Financial Highlights
| Income statement (₦’billion) | Q1 2026 | Q1 2025 | Δ |
| Gross earnings | 942.0 | 742.7 | +26.8% |
| Interest income | 704.5 | 625.3 | +12.7% |
| Net Interest Income | 438.8 | 365.2 | +20.1% |
| Non-Interest Income1 | 219.2 | 104.0 | +110.7% |
| Operating income2 | 658.0 | 469.2 | +40.2% |
| Impairment charges for losses | 40.4 | 37.3 | +8.3% |
| Operating expenses | 297.6 | 245.3 | +21.3% |
| Profit before tax | 321.1 | 186.5 | +72.2% |
| Profit for the year3 | 267.8 | 171.1 | +56.5% |
| Statement of Financial Position (₦’billion) | Q1 2026 | FY 2025 | Δ |
| Total Assets | 26,878.9 | 27,250.9 | -1.4% |
| Customer loans & advances (Net) | 9,438.9 | 8,966.3 | +5.3% |
| Customer deposits | 18,380.4 | 18,883.0 | -2.7% |
| Key Metrics | Q1 2026 | FY 2025 | |
| Post-tax return on average equity4 | 31.6% | 4.6% | |
| Post-tax return on average assets5 | 4.0% | 0.5% | |
| Net Interest Margin6 | 10.1% | 11.1% | |
| Earnings yield7 | 16.3% | 17.3% | |
| Cost of funds8 | 4.7% | 4.8% | |
| Cost to income9 | 45.2% | 52.3%11 | |
| Non-Performing Loan (NPL) Ratio | 13.4% | 12.0% | |
| NPL Coverage10 | 89.4% | 98.7% |
*For footnoted information, refer to Page 7
Wale Oyedeji, the Group Managing Director while commenting on the results stated that:
“FirstHoldCo has begun 2026 on a strong footing, delivering a Q1 performance that validates the resilience of our franchise and the disciplined execution of our strategy. In a market defined by volatility, our results underscore that our business is not only enduring but strengthening—built to perform through cycles and to compound value for shareholders.”
“In the first quarter of 2026, gross earnings increased by 26.8% year-on-year to ₦942.0 billion, while profit before tax rose by 72.2% to ₦321.1 billion—among the strongest quarterly PBT outcomes in the Nigerian banking industry. This strong rebound follows the deliberate actions taken in 2025 to comprehensively de-risk our balance sheet, including adequately provisioning for systemic impaired and non-performing loans. With these legacy issues addressed decisively, we have strengthened the quality of our earnings and positioned the Group on a much stronger foundation for sustained growth.
Our Q1 results reflect our continued focus on enhancing revenue generation, improving operational efficiency, elevating governance standards, and applying rigorous risk management and capital allocation discipline. We are pleased by the sustained strength of our core banking franchise, the increased contribution from non-interest income streams, and meaningful progress in our digital transformation and financial inclusion programmes—collectively supporting a more resilient and diversified earnings profile.
“Beyond the headline numbers, we remain committed to preserving balance sheet strength, deepening prudent risk management, and upholding the highest standards of corporate governance. We also continue to demonstrate industry leadership in resolving legacy delinquent borrower exposures, with notable progress in asset recoveries, particularly from oil & gas obligors. In Q1, 2026, approximately ₦19 billion recoveries were recorded, reinforcing our confidence in further recoveries over time. These actions protect asset quality, sustain a strong capital position, and reinforce our capacity to fund growth responsibly across both banking and non-banking platforms.
“Looking ahead, this strong start to the year reinforces our confidence in the earnings power of the FirstHoldCo franchise and our ability to generate enduring value for all stakeholders. We will sustain momentum by continuing to grow quality earnings, capturing emerging opportunities in Nigeria’s evolving financial services landscape, and translating our scale, governance, and execution discipline into superior shareholder returns in 2026 and beyond.”
Business Groups:
Commercial Banking
- ₦724.5 billion)
Investment Banking & Asset Management (IBAM)
- Gross earnings of ₦22.9 billion, up 36.9% y-o-y (Mar 2025: ₦16.8 billion)
- Profit before tax of ₦14.8 billion, down -7.3% y-o-y (Mar 2025: ₦16.0 billion)
- Total assets of ₦548.9 billion, up 2.5% y-t-d (Dec 2025: ₦535.3 billion)