FIRST HOLDCO PLC SUSTAINS SOLID REVENUE MOMENTUM;

FIRST HOLDCO PLC SUSTAINS SOLID REVENUE MOMENTUM; 

INCREASES GROSS EARNINGS & PROFITABILITY TO ₦942.0 BILLION & N321.1 BILLION RESPECTIVELY 

FOR THE UNAUDITED FIRST QUARTER ENDED MARCH 31, 2026.

First HoldCo Plc. (“FirstHoldCo” or the “Group”) today 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 out 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 

Gross earnings of ₦897.1 billion up 23.8% y-o-y (Mar 2025: ₦724.5 billion) 

Net interest income of ₦432.3 billion, up 21.3% y-o-y (Mar 2025: ₦356.5 billion) 

Non-interest income of ₦188.2 billion, up 93.8% y-o-y (Mar 2025: ₦97.1 billion)

Operating expenses of ₦292.7 billion, up 21.2% y-o-y (Mar 2025: ₦241.4 billion)  

Profit before tax of ₦285.8 billion, up 71.0% y-o-y (Mar 2025: ₦167.2 billion)

Profit after tax of ₦236.7 billion, up 56.7% y-o-y (Mar 2025: ₦151.0 billion)

Total assets of ₦26.1 trillion, down 2.0% y-t-d (Dec 2025: ₦26.7 trillion)

Customers’ loans and advances (net) of ₦9.4 trillion, up 5.3% y-t-d (Dec 2025: ₦9.0 trillion)

Customers’ deposits of ₦18.4 trillion, down 2.6% y-t-d (Dec 2025: ₦18.9 trillion)

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)

– ENDS –

Conference call

FirstHoldCo will host a question-and-answer teleconference call with analysts and investors on the Unaudited Q1 March 31, 2026 results on Friday, May 08, 2026, at 3:00pm Lagos / 3:00pm UK / 10:00am New York / 4:00pm Johannesburg & Cape Town. 

The results conference call can be accessed by clicking here to register.

Participants are advised to register for the call at least ten minutes before its start time. For those who are unable to listen to the live call, a recording will be posted on the Company’s website.

An investor presentation will be available ahead of the call on the FirstHoldCo website.

Unaudited Q1 2026 Financial Statements

Please click here to view the unaudited Q1 2026 financial statements on our website

 

First Holdco Plc. (ISIN: NGFBNH000009) is a diversified financial services group in Nigeria. First Holdco Plc, (formerly FBN Holdings Plc) was incorporated in Nigeria on 14 October 2010, following the business reorganisation of the FirstBank Group into a holding company structure. The Company was listed on the Nigerian Exchange (NGX) (previously Nigerian Stock Exchange, NSE) under the ‘Other Financial services’ sector on 26 November 2012 and currently has paid-up share capital of 44,453,693,133 ordinary shares of 50 kobo each (N22,226,846,567). More information can be found on our website www.first-holdco.com.

The subsidiaries of FirstHoldCo offer a broad range of products and services across Commercial banking in 10 countries (Lagos, Nigeria; London, United Kingdom; Paris, France; Beijing, China; Kinshasa, Democratic Republic of Congo; Accra, Ghana; Banjul, Gambia; Conakry, Guinea; Freetown, Sierra Leone; and Dakar, Senegal), Investment Banking and Asset Management as well as Insurance brokerage.  

Commercial Banking comprises First Bank of Nigeria Limited, FirstBank UK Limited, FirstBank DRC Limited bank subsidiaries in West Africa12, a representative office in Beijing and in Paris as well as First Pension Custodian Nigeria Limited. This group provides both individual and corporate clients/customers with financial intermediation services. This business segment includes the group's local, international, and representative offices with operations in 10 countries offering commercial banking services.

Investment Banking & Asset Management comprises First Asset Management Limited, FirstCap Limited, First Securities Brokers Limited and First Trustees Limited. These are all direct subsidiaries and wholly owned by the holding company. The group creates value by offering investment and risk management products, managing funds, administering assets, and trading securities. It caters to the diverse advisory, funding and investment needs of clients spanning Federal and State Governments, corporates, and high-net-worth individuals (HNIs).

Footnotes

Non-interest income is net of fee and commission expenses

Operating income defined as net interest income plus non-interest income

Profit for the year includes discontinued operations 

Post-tax return on average equity computed as profit after tax attributable to shareholders divided by the average opening and closing balances attributable to equity holders.

Post-tax return on average assets computed as profit after tax divided by the average opening and closing balances of its total assets.

Net-interest margin computed as net interest income divided by the average opening and closing balances of interest earning assets (Less financial assets at fair value through profit and loss plus unlisted debts).

Earnings yield computed as Interest income divided by the average opening and closing balances of interest earning assets (Less financial assets at fair value through profit and loss plus unlisted debts).

Cost of funds computed as interest expense divided by average interest-bearing liabilities.

Cost to income ratio computed as operating expenses divided by operating income.

NPL coverage computed as total allowance for impairment plus regulatory risk reserve divided by total stage 3 loans.

As at Q1 2025.

Comprising locations in Ghana, Gambia, Guinea, Sierra Leone, and Senegal.

Cautionary note regarding forward looking statements 

This release contains forward-looking statements which reflect management's expectations regarding the Group’s future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expects”, “intend”, “estimate”, “project”, “target”, “risks”, “goals” and similar terms and phrases have been used to identify the forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to the Group’s management. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. Forward-looking statements therefore speak only as of the date they are made.

FirstHoldCo cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain risks or factors, reference should be made to the Group’s continuous disclosure materials filed from time to time with the Nigerian Stock Exchange. The Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.