First HoldCo Plc, the parent company of FirstBank, grew its profit after tax by 65.1 percent to N744.45 billion in the nine months ended September 2026, supported by higher fee income, gains on financial instruments and lower impairment charges.
The financial services group reported N450.87 billion in profit after tax in the corresponding period of 2025, according to its unaudited consolidated financial statements filed for the period ended September 30, 2026.
Profit before tax rose 60.8 percent to N911.24 billion from N566.54 billion a year earlier, while operating profit increased 60.7 percent to N909.36 billion from N565.91 billion.
Interest income fell 8.7 percent to N2.09 trillion from N2.29 trillion in the corresponding period of 2025. However, interest expenses increased 5.2 percent to N833 billion from N791.8 billion, reducing net interest income by 16 percent to N1.26 trillion from N1.5 trillion.
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After impairment charges, net interest income declined 13.1 percent to N1.05 trillion from N1.21 trillion.
The group’s impairment charge for credit losses, however, dropped 28.3 percent to N207.1 billion from N288.92 billion, helping to cushion the pressure on its core lending income.
Non-interest income provided additional support. Net fee and commission income rose 48.1 percent to N316.43 billion from N213.69 billion, reflecting growth in fees generated from banking transactions and financial services.
Fee and commission income increased to N367.06 billion from N260.48 billion, with electronic banking fees contributing N73.16 billion, up from N68.8 billion in the prior-year period. Financial advisory fees increased to N51.45 billion from N1 billion, while brokerage and intermediation income increased to N32.23 billion from N5.67 billion.
Gains from financial instruments measured at fair value through profit or loss also strengthened earnings, reaching N104.59 billion compared with a loss of N72.78 billion in the corresponding period of 2025.
Foreign exchange gains rose to N86.24 billion from N71.94 billion, while gains on the sale of investment securities increased to N61.12 billion from N48.49 billion.
Other operating income surged to N142.06 billion from N23.83 billion, further supporting the group’s revenue mix.
These gains helped offset higher personnel and depreciation costs. Personnel expenses declined 3.4 percent to N280.83 billion from N290.65 billion, while depreciation, amortisation and impairment expenses rose to N66.07 billion from N55.98 billion.
Other operating expenses fell 12.8 percent to N519.69 billion from N596.04 billion, contributing to the increase in operating profit.
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Following an income tax expense of N166.63 billion, up from N108.46 billion a year earlier, profit from continuing operations rose to N744.61 billion from N458.08 billion. A loss of N162 million from discontinued operations brought total profit for the period to N744.45 billion.
Profit attributable to owners of the parent increased to N737.93 billion from N445.88 billion, lifting earnings per share to N16.45 from N10.65.
Deposits and assets expand
The group’s balance sheet also expanded during the period, with total assets rising 18.1 percent to N32.2 trillion as of September 30, 2026, from N27.25 trillion at the end of December 2025.
Customer deposits grew 21.3 percent to N22.91 trillion from N18.88 trillion, while deposits from banks increased to N2.66 trillion from N2.02 trillion.
Loans and advances to customers rose 4.8 percent to N9.39 trillion from N8.97 trillion, indicating more modest growth in lending relative to deposit mobilisation.
Investment securities increased 47.8 percent to N10.31 trillion from N6.97 trillion, while financial assets measured at fair value through profit or loss nearly doubled to N2.22 trillion from N1.14 trillion.
Total liabilities rose to N28.33 trillion from N23.95 trillion, while shareholders’ equity increased 17 percent to N3.86 trillion from N3.3 trillion.
The group ended the period with cash and balances with central banks of N5.65 trillion, up from N5.07 trillion at the end of 2025.
Third-quarter profit rises 35.5%
In the third quarter alone, First HoldCo’s profit after tax increased 35.5 percent to N218.32 billion from N161.1 billion in the same period last year.
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Profit before tax rose 22.5 percent to N257.71 billion from N210.39 billion. Operating profit increased 22.6 percent to N257.39 billion from N209.93 billion.
However, quarterly net interest income declined 36 percent to N381 billion from N595.75 billion, while net interest income after impairment charges fell to N290.04 billion from N492.23 billion.
Net fee and commission income rose to N137.92 billion from N75 billion, while foreign exchange gains reached N42.1 billion compared with a loss of N1.6 billion in the third quarter of 2025.
The holding company closed its last trading day on Thursday at N131.00 NGN per share on the Nigerian Stock Exchange (NGX). First HoldCo began the year with a share price of N47.90 and has since gained 173% on that price, ranking it 13th on the NGX in terms of year-to-date performance.
Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
