First HoldCo Plc. (“FirstHoldCo” or the “Group”) today announces its unaudited results for the first quarter ended 31 March 2026.
Financial Highlights
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| Income statement (₦’billion) | Q1 2026 | Q1 2025 | Δ |
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| Gross earnings | 942 | 742.7 | 26.80% |
| Interest income | 704.5 | 625.3 | 12.70% |
| Net Interest Income | 438.8 | 365.2 | 20.10% |
| Non-Interest Income1 | 219.2 | 104 | 110.70% |
| Operating income2 | 658 | 469.2 | 40.20% |
| Impairment charges for losses | 40.4 | 37.3 | 8.30% |
| Operating expenses | 297.6 | 245.3 | 21.30% |
| Profit before tax | 321.1 | 186.5 | 72.20% |
| Profit for the year3 | 267.8 | 171.1 | 56.50% |
| Statement of Financial Position (₦’billion) | Q1 2026 | FY 2025 | Δ |
| Total Assets | 26,878.90 | 27,250.90 | -1.40% |
| Customer loans & advances (Net) | 9,438.90 | 8,966.30 | 5.30% |
| Customer deposits | 18,380.40 | 18,883.00 | -2.70% |
| Key Metrics | Q1 2026 | FY 2025 | |
| Post-tax return on average equity4 | 31.60% | 4.60% | |
| Post-tax return on average assets5 | 4.00% | 0.50% | |
| Net Interest Margin6 | 10.10% | 11.10% | |
| Earnings yield7 | 16.30% | 17.30% | |
| Cost of funds8 | 4.70% | 4.80% | |
| Cost to income9 | 45.20% | 52.3%11 | |
| Non-Performing Loan (NPL) Ratio | 13.40% | 12.00% | |
| NPL Coverage10 | 89.40% | 98.70% |
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.”
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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)
– Notes to Editors –
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
1. Non-interest income is net of fee and commission expenses
2. Operating income defined as net interest income plus non-interest income
3. Profit for the year includes discontinued operations
4. 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.
5. Post-tax return on average assets computed as profit after tax divided by the average opening and closing balances of its total assets.
6. 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).
7. 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).
8. Cost of funds computed as interest expense divided by average interest-bearing liabilities.
9. Cost to income ratio computed as operating expenses divided by operating income.
10. NPL coverage computed as total allowance for impairment plus regulatory risk reserve divided by total stage 3 loans.
11. As at Q1 2025.
12. Comprising locations in Ghana, Gambia, Guinea, Sierra Leone, and Senegal.
