First HoldCo Plc has delivered an outstanding financial performance for the half year ended June 30, 2026, posting a record pre-tax profit of N653.54 billion. This represents an 83.50% increase compared to N356.15 billion recorded in the corresponding period of 2025. The Group’s shares reacted positively, gaining 10% in mid-trading following the announcement.

In the second quarter alone, the Group reported a pre-tax profit of N332.42 billion, a 3.52% increase from the estimated N321.12 billion in the first quarter of 2026. This also marks a significant 95.92% rise from N169.67 billion in the second quarter of 2025.

The Group’s gross earnings climbed 16.7% year-on-year to N1.93 trillion, while operating income saw a 25.8% increase, reaching N1.38 trillion. Profit after tax also surged by 81.57% to N526.13 billion, translating to an Earnings per share (EPS) of N11.74, up from N6.84.

Despite a modest decline in interest income, which stood at N1.40 trillion (down 2.74% YoY from N1.44 trillion), the Group’s earnings growth was significantly bolstered by stronger non-interest income. Net interest income was N879.13 billion, a 2.84% decrease from N904.83 billion in the prior year.

Net Fee and Commission Income increased by 28.71% year-on-year to N178.51 billion from N138.70 billion. Other operating income rose particularly strongly to N136.67 billion from N13.15 billion, providing a major boost to overall earnings. Fee and commission income generally increased to N214.66 billion from N168.57 billion, while non-interest income reached N497.1 billion.

Operating profit for the period was N651.98 billion, an 83.15% increase from N355.98 billion in H1 2025. Net interest income after impairment charges also improved to N762.99 billion from N719.43 billion.

The balance sheet demonstrated significant strengthening during the period. Loans and Advances to Customers grew 6.10% to N9.51 trillion from N8.97 trillion at December 31, 2025. Customer Deposits increased by 16.16% to N21.93 trillion from N18.88 trillion at December 31, 2025.

Total assets expanded to N30.65 trillion from N27.25 trillion at December 31, 2025. Cash and balances with central banks remained broadly flat at N5.07 trillion. Borrowings declined significantly to N964.83 billion from N1.94 trillion, while total equity increased to N3.63 trillion, reflecting strong earnings retention and an improved capital position.

Mr. Femi Otedola, CON, the Group Chairman of First HoldCo Plc, described the results as a significant achievement in the Group’s transformation journey. He stated, “The first half of 2026 marks an important turning point for FirstHoldCo. These results affirm that the bold decisions the Board took to strengthen the institution were the right ones. We are witnessing the benefits of a stronger balance sheet and improved profitability.”

Group Managing Director Wale Oyedeji added that the H1 2026 performance reflects the resilience of the franchise, the dedication of employees, and the success of strategic actions taken to reposition the Group for the future. He noted that management focused on strengthening the balance sheet, restoring capital, improving asset quality, and enhancing operating efficiency, with these initiatives now delivering meaningful outcomes.

Impairment charges for credit losses reduced substantially to N116.14 billion from N185.40 billion, indicating improved credit quality. Overall impairment charges declined by 37.4% year-on-year, and pre-provision operating profit increased by 42.2%. The Group also recorded approximately N91.9 billion in recoveries during the first half of the year.

Operating expenses increased, with personnel expenses rising to N180.26 billion and other operating expenses to N384.55 billion, reflecting the higher cost environment. However, the growth in operating income more than offset these increases, lifting operating profit by over 83% year-on-year.

Operational efficiency also improved, with the Group’s cost-to-income ratio improving to 44.2% from 50.5% in H1 2025. This reflects disciplined cost management and the ability to translate revenue growth into stronger profitability. FirstBank’s Capital Adequacy Ratio was restored ahead of schedule, standing at 16.7% as of June 30, 2026, while its liquidity ratio remained exceptionally strong at 52.2%.

The Group’s non-banking businesses continued to gain traction, with Investment Banking and Asset Management recording N46.0 billion in gross earnings and N27.4 billion profit before tax, supported by an asset base of N572.3 billion. The net interest margin stood at a healthy 9.5%.

Following the release of these results, First HoldCo’s shares rose 10% to N105.50. The stock has returned 111% over the past six months and 210.75% over the past one year, reflecting strong investor confidence. No dividend was declared in the uploaded financial statements for the six-month period ended June 30, 2026.