First HoldCo Plc. (“FirstHoldCo” or the “Group”) today announces its unaudited results for the half year ended June 30, 2026.
Financial Highlights
Income statement (₦’billion) H1 2026 H1 2025 Δ
Gross earnings 1,932.8 1,656.8 +16.7%
Interest income 1,398.1 1,437.4 -2.7%
Net Interest Income 879.1 904.8 -2.8%
Non-Interest Income1 497.1 189.4 +162.5%
Operating income2 1,376.2 1,094.2 +25.8%
Impairment charges for losses 116.1 185.4 -37.4%
Operating expenses 608.1 552.8 +10.0%
Profit before tax 653.5 356.1 +83.5%
Profit for the period3 526.1 289.8 +81.6%
Statement of Financial Position (₦’billion) H1 2026 FY 2025 Δ
Total Assets 30,647.1 27,250.9 +12.5%
Customer loans & advances (Net) 9,513.6 8,966.3 +6.1%
Customer deposits 21,934.4 18,883.0 +16.2%
Key Metrics H1 2026 FY 2025
Post-tax return on average equity4 30.4% 4.6%
Post-tax return on average assets5 3.6% 0.5%
Net Interest Margin6 9.5% 11.1%
Earnings yield7 15.1% 17.3%
Cost of funds8 4.3% 4.8%
Cost to income9 44.2% 50.5%11
Non-Performing Loan (NPL) Ratio 13.9% 12.0%
NPL Coverage10 78.9% 98.7%
*For footnoted information, refer to Page 8
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)
– ENDS –
Conference call
FirstHoldCo will host a question-and-answer teleconference call with analysts and investors on the Unaudited H1 2026 results on Monday, July 27, 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 H1 2026 Financial Statements
Please click here to view the unaudited H1 2026 financial statements on our website.
For further information please contact:
Tolulope Oluwole (Head, Investor Relations)
+234 201 905 2720
tolulope.o.oluwole@first-holdco.com
- 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 45,475,027,677 ordinary shares of 50 kobo each (N 22,737,513,839). 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 and First Nominees 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).
Insurance Brokerage offers expert risk management insurance broking as well as advisory services in life and general insurance businesses.
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 period includes discontinued operations.
4. Post-tax return on average equity computed as annualised 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 annualised profit after tax divided by the average opening and closing balances of its total assets.
6. Net-interest margin computed as annualised 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 annualised 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 annualised 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 H1 2025.
12. 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. 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 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.
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