First HoldCo Plc recorded a profit after tax of ₦526.13 billion in the first half of 2026, driven by growth in fee-based income, investment gains and improved overall financial performance despite a marginal decline in interest income.
The half-year result represents an 81.6 per cent increase from the ₦289.77 billion profit after tax recorded in the corresponding period of 2025, while profit before tax rose by 83.5 per cent to ₦653.54 billion from ₦356.15 billion, reflecting stronger earnings across the Group’s core banking operations and non-interest income businesses.
According to the Group’s consolidated financial statements for the six months ended June 30, 2026, released on Monday, gross earnings remained resilient, supported by ₦1.40 trillion in interest income, ₦178.51 billion in net fee and commission income, gains from investment securities, foreign exchange transactions and a significant rise in other operating income, all of which strengthened the Group’s earnings position.
The financial statement also showed continued expansion in the Group’s balance sheet, with total assets increasing to ₦30.65 trillion from ₦27.25 trillion at the end of December 2025.
Customer deposits rose by 16.2 per cent to ₦21.93 trillion, compared to ₦18.88 trillion six months earlier, reflecting stronger customer confidence and an expanded deposit base.
The Group equally strengthened its lending and investment portfolios during the period. Loans and advances to customers grew to ₦9.51 trillion from ₦8.97 trillion, while investment securities increased significantly to ₦9.23 trillion, up from ₦6.97 trillion, underscoring increased investment in government and other financial instruments.
A notable improvement was also recorded in the Group’s funding profile as total borrowings declined sharply to ₦964.83 billion, almost half of the ₦1.94 trillion reported at the end of 2025.
The reduction in borrowings points to lower dependence on external funding and improved liquidity management, while shareholders’ equity strengthened to ₦3.63 trillion from ₦3.30 trillion, reinforcing the Group’s capital position.
Earnings per share climbed to ₦11.74, compared with ₦6.84 in the corresponding period of 2025, while the Group generated ₦502 billion in net cash from operating activities, marking a significant turnaround from the cash outflow recorded in the same period last year.
The report also highlighted the company’s shareholding structure, showing that Group Chairman, Olufemi Otedola, held 7.15 per cent of the company’s shares directly and 13.25 per cent indirectly, giving him a combined beneficial interest of 20.4 per cent. RC Investment Management Limited remained the largest single registered shareholder with 22.94 per cent as an independent bridge holder.
Overall, substantial shareholders accounted for 43.35 per cent of the company’s issued shares, while the free float stood at 56.59 per cent, in compliance with the Nigerian Exchange (NGX) Premium Board free-float requirement.
The strong half-year performance reflects sustained growth across First HoldCo’s core banking operations, stronger non-interest income, an expanding asset base, improved capitalisation and a well funding structure, positioning the Group for continued growth in the second half of the year.