First HoldCo Delivers Robust H1 2026 Results with ₦1.93tn Revenue, Signaling New Era of Value Creation

 

 

Wale Oyedeji, the Group Managing Director while commenting on the results stated that:

“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 a sustained earnings momentum.

 

For the half year ended 30 June 2026, gross earnings rose 16.7% year-on-year to ₦1.93 trillion, operating income increased 25.8% to ₦1.38 trillion, and profit before tax grew 83.5% to ₦653.5 billion. This builds on our Q1 momentum and further demonstrates the strength of our franchise.

 

Our H1 results highlight the growing diversity and scalability of the Group’s earnings engine. Non-interest income rose to ₦497.1 billion, driven by robust fee and commission income across electronic banking, brokerage, trade, funds transfer and other transaction-led businesses.

 

Net interest margin remained healthy at 9.5%, underpinned by a lower cost of funds of 4.3%, disciplined pricing, an improved funding mix and continued balance sheet optimisation.

 

The improvement in cost-to-income ratio to 44.2%, from 50.5% in H1 2025, reflects strong operating discipline as income growth outpaced cost growth.

 

We continue to strengthen asset quality and risk discipline, supported by a 37.4% year-on-year reduction in impairment charges and a 42.2% increase in pre-provision operating profit.

 

Year-to-date recoveries of approximately ₦91.9 billion further demonstrate disciplined execution and value realisation from legacy exposures.

 

We remain focused on prudent risk management, stronger coverage, accelerated recoveries, reduced non-performing loans and the origination of high-quality assets that support durable growth.

 

I am pleased to report that FirstBank’s capital adequacy ratio has been restored ahead of the 120-day plan as communicated in our last earnings call, standing at 16.7% as at H1 2026, supported by fresh equity, stronger earnings and improved profitability. Liquidity ratio remains robust at 52.2%.

 

We will continue to strengthen our capital position to support high-quality growth and long-term value creation.

 

Our diversified financial services platform continues to enhance earnings quality.

 

The Investment Banking and Asset Management business delivered gross earnings of ₦46.0 billion and profit before tax of ₦27.4 billion, underpinned by an asset base of ₦572.3 billion.

 

This performance underscores the strategic relevance of our non-banking businesses as clients increasingly demand sophisticated capital markets, advisory, asset management, trustee and securities solutions.

 

We will continue to scale the businesses in this group in a disciplined and client-led manner, deepening wallet share, strengthening revenue diversification and unlocking attractive growth opportunities within our approved risk appetite and long-term return objectives.

 

In closing, FirstHoldCo enters the second half of 2026 with clear momentum, stronger fundamentals and a sharper path to sustainable value creation.

 

Our performance reflects a capital-restored institution with deep market relevance, a diversified and increasingly efficient revenue base, improving asset quality and disciplined risk execution.

 

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.”

Business Groups:

Commercial Banking

Gross earnings of ₦1,844.6 billion, up 14.5% y-o-y (June 2025: ₦1,610.9 billion)

Net interest income of ₦864.7 billion, down 2.7% y-o-y (June 2025: ₦889.1 billion)

Non-interest income of ₦437.9 billion, up 162.8% y-o-y (June 2025: ₦166.7 billion)

Operating expenses of ₦594.0 billion, up 9.3% y-o-y (June 2025: ₦543.5 billion)

Profit before tax of ₦590.2 billion, up 81.0% y-o-y (June 2025: ₦326.1 billion)

Profit after tax of ₦475.5 billion, up 79.6% y-o-y (June 2025: ₦264.8 billion)

Total assets of ₦30.0 trillion, up 12.5% y-t-d (Dec 2025: ₦26.7 trillion)

Customers’ loans and advances (net) of ₦9.5 trillion, up 6.2% y-t-d (Dec 2025: ₦9.0 trillion)

Customers’ deposits of ₦22.0 trillion, up 16.2% y-t-d (Dec 2025: ₦18.9 trillion)

Investment Banking & Asset Management (IBAM)

Gross earnings of ₦46.0 billion, up 5.7% y-o-y (June 2025: ₦43.5 billion)

Profit before tax of ₦27.4 billion, up 5.0% y-o-y (June 2025: ₦26.1 billion)

Total assets of ₦572.3 billion, up 6.9% y-t-d (Dec 2025: ₦535.3 billion)

 

Source: eBizSpotlight