FirstHoldCo Records N911.24bn Profit Before Tax in Nine Months

FirstHoldCo Plc, the parent company of FirstBank, has reported a profit before tax of ₦911.24 billion for the nine months ended September 30, 2026, representing a 60.8 per cent increase from ₦566.54 billion recorded during the corresponding period in 2025.

The financial services group also recorded a 65.1 per cent rise in profit after tax to ₦744.45 billion, compared with ₦450.87 billion in the previous year, reflecting stronger earnings despite pressure on its traditional interest income.

Gross earnings increased by 8.8 per cent to ₦2.87 trillion, while earnings per share rose to ₦16.45 from ₦10.65. The performance was supported by higher fee and commission income, gains from financial instruments and reduced credit impairment charges.

Non-interest income emerged as a significant contributor to the group's results, with net fee and commission income climbing by 48.1 per cent to ₦316.43 billion. The group also benefited from improved returns on financial instruments and foreign exchange gains, helping offset a decline in net interest income.

Net interest income fell by 16 per cent to ₦1.26 trillion from ₦1.50 trillion in the corresponding period of 2025, while interest income declined to ₦2.09 trillion from ₦2.29 trillion. However, impairment charges dropped by 28.3 per cent to ₦207.10 billion, providing additional support for profitability.

The group's operating performance also improved, with operating profit rising by 60.7 per cent to ₦909.36 billion from ₦565.91 billion a year earlier. The results indicate that stronger income from non-interest sources and lower impairment expenses helped sustain earnings growth amid continuing pressure on interest margins.

FirstHoldCo's balance sheet expanded during the period, with total assets increasing to ₦32.20 trillion as of September 30, 2026, from ₦27.25 trillion at the end of December 2025.

Customer deposits rose by 21.3 per cent to ₦22.91 trillion, while loans and advances to customers increased by 4.8 per cent to ₦9.39 trillion. The group's total equity also grew to approximately ₦3.86 trillion, strengthening its financial base.

Commercial banking remained the group's main earnings contributor, with the subsidiary generating profit before tax of about ₦784.77 billion during the nine-month period. The investment banking and asset management business also recorded stronger performance, reflecting the group's broader revenue base across financial services.

The improved results come as FirstHoldCo continues to focus on strengthening its capital position, improving asset quality and diversifying income sources. Nevertheless, the decline in net interest income and the remaining level of non-performing loans underline the need for sustained attention to lending quality and margin recovery.

The group has also announced a policy to distribute at least 60 per cent of its annual profit after tax as dividends, beginning with the 2027 financial year, subject to applicable requirements and conditions. The policy is intended to reinforce shareholder returns while allowing the company to maintain financial strength and support future growth.

FirstHoldCo's nine-month performance therefore reflects substantial growth in reported profits, supported by stronger non-interest revenue, lower impairment charges and an expanding balance sheet, as the group enters the final quarter of 2026.