FirstHoldco Plc has demonstrated a remarkable turnaround in its first-quarter 2026 financial results, posting a substantial 72% year-on-year growth in profit before tax (PBT).
The group's PBT reached N321 billion for the first quarter of 2026, a significant increase from N186.47 billion recorded in the same period of 2025. This growth was propelled by a consistent interest-earning capacity and strong fee income generation.
This performance marks a strategic reset for FirstHoldco Plc, the parent entity of Nigeria’s oldest commercial bank, re-establishing its position as a financial powerhouse after a period of aggressive balance sheet restructuring.
In the first quarter of 2026, FirstHoldco's PBT of N321 billion positioned it as the second-largest Nigerian lender by absolute profit before tax. It followed Zenith Bank, which reported N360.91 billion, and was ahead of GTCO (N302.89 billion), Access Holdings (N272.2 billion), and UBA (N160.65 billion).
The company's resurgence is largely attributed to a deliberate write-off of bad assets in the 2025 financial year. This involved a historic N830 billion impairment charge aimed at resolving historical asset quality concerns comprehensively.
While the current high-interest-rate environment, with the Central Bank of Nigeria's Monetary Policy Rate at 26.5%, supports the banking sector, FirstHoldco's Q1 2026 results are a direct outcome of its strategic balance sheet cleanup.
