By Emmanuel Thomas l Wednesday, July 22, 2026
LAGOS, NIGERIA — Demonstrating remarkable operational resilience, renewed strategic vigor, and robust balance sheet strength, First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced an outstanding financial performance for the half-year ended June 30, 2026.
The financial services giant reported an extraordinary 83.5% year-on-year surge in Profit Before Tax (PBT) to ₦653.5 billion, driven by disciplined execution, accelerating non-interest revenue streams, and a successful balance sheet reset. Gross earnings expanded by 16.7% year-on-year to reach ₦1.93 trillion, confirming the Group’s solidified position as a premier catalyst for economic growth and shareholder value creation in the region.
Key Financial Highlights: H1 2026 at a Glance
Gross Earnings: ₦1.93 trillion, up 16.7% YoY (H1 2025: ₦1.65 trillion)
Operating Income: ₦1.38 trillion, up 25.8% YoY
Profit Before Tax (PBT): ₦653.5 billion, up an impressive 83.5% YoY
Cost-to-Income Ratio (CIR): Improved significantly to 44.2% from 50.5% in H1 2025
Non-Interest Income: Expanded to ₦497.1 billion, fueled by fee and commission revenues
Asset Quality: 37.4% reduction in impairment charges; ₦91.9 billion recovered from legacy exposures
Capital Adequacy Ratio (CAR): Restored ahead of schedule to 16.7% for FirstBank
From Recovery to Disciplined Growth: A Successful Transformation
Commenting on the landmark H1 2026 financial results, Wale Oyedeji, Group Managing Director of FirstHoldCo, highlighted the pivotal impact of the group’s proactive balance sheet management and operational efficiency strategies:
”FirstHoldCo delivered a strong H1 2026 performance, which highlights the resilience of our franchise and the effectiveness of our balance sheet reset executed over the past year. We are now moving decisively from recovery to disciplined growth, supported by restored capital, improved efficiency, and sustained earnings momentum.”
Oyedeji further emphasized that the impressive results build upon a robust first-quarter momentum, proving the scalabilities of the financial group’s diversified earnings engine.
A major highlight of the half-year performance was the accelerated restoration of FirstBank’s Capital Adequacy Ratio (CAR) to 16.7%, achieving the target well ahead of the previously announced 120-day plan. Bolstered by fresh equity, superior profitability, and strong earnings retention, the bank’s capital positioning—coupled with a robust liquidity ratio of 52.2%—provides a deep buffer to power high-quality asset generation in the quarters ahead.
Operational Excellence and Efficiency Gains
FirstHoldCo showed strong cost discipline during the period. The Group’s cost-to-income ratio improved dramatically to 44.2%, down from 50.5% recorded in the corresponding period of 2025. This 630-basis-point operational enhancement highlights management’s success in ensuring top-line revenue growth consistently outpaces overhead expansion.
Revenue quality was further enhanced by non-interest income, which reached ₦497.1 billion. This growth was driven by widespread activity across electronic banking channels, asset management, trade finance, brokerage services, and cross-border remittances. Net interest margin held strong at 9.5%, buoyed by an optimized funding mix and a competitive low cost of funds at 4.3%.
Risk discipline and credit management also posted significant wins:
37.4% YoY reduction in impairment charges.
42.2% growth in pre-provision operating profit.
₦91.9 billion realized in year-to-date recoveries from legacy credit exposures.
Strong Contributions Across Strategic Business Units
1. Commercial Banking Group
As the core growth driver of the enterprise, the Commercial Banking arm posted record-setting bottom-line growth, generating ₦1.84 trillion in gross earnings (up 14.5% YoY).
Profit Before Tax: Rose 81.0% YoY to ₦590.2 billion (up from ₦326.1 billion in H1 2025).
Profit After Tax: Grew 79.6% YoY to ₦475.5 billion.
Non-Interest Income: Surged by an astounding 162.8% YoY to ₦437.9 billion.
Total Assets: Expanded 12.5% year-to-date to ₦30.0 trillion (Dec 2025: ₦26.7 trillion).
Customer Deposits: Increased by 16.2% year-to-date to reach ₦22.0 trillion, highlighting deepening customer trust and market liquidity leadership.
2. Investment Banking & Asset Management (IBAM)
FirstHoldCo’s non-banking financial services platform demonstrated steady expansion, reaffirming the strategic value of an integrated, highly diversified services model.
Gross Earnings: Rose to ₦46.0 billion (up 5.7% YoY).
Profit Before Tax: Increased to ₦27.4 billion (up 5.0% YoY).
Total Assets: Grew 6.9% year-to-date to ₦572.3 billion.
The IBAM division continues to meet growing institutional and retail demand for sophisticated corporate advisory, capital market solutions, wealth management, and securities services.
Bullish Outlook for H2 2026 and Beyond
FirstHoldCo enters the second half of 2026 positioned for sustainable growth and expanding market share. Combining the foundational stability of a systemically important financial institution with the agility of a dynamic corporate entity, the Group offers an exceptional value proposition for investors and shareholders alike.
”We enter the second half of 2026 with clear momentum, stronger fundamentals and a sharper path to sustainable value creation,” added Oyedeji. “The Group combines the strength of a systemically important financial institution with the upside of a business undergoing disciplined transformation and renewed strategic ambition. We are confident in our ability to deliver superior, sustainable returns and deepen shareholder value.”
Investor & Analyst Teleconference Details
FirstHoldCo will host its H1 2026 results conference call with investors and market analysts on Monday, July 27, 2026, at 3:00 PM Lagos / UK time (10:00 AM New York / 4:00 PM Johannesburg). Executives will review operational milestones and discuss strategic priorities for the remainder of the fiscal year.
