FirstHoldCo Plc has announced a strong start to the 2026 financial year, posting a 72.2 per cent increase in profit before tax to ₦321.1 billion in the first quarter of the year, driven by improved earnings quality, enhanced operational efficiency, and disciplined risk management.
The Group’s gross earnings also rose by 26.8 per cent year-on-year to ₦942 billion, reinforcing what the company described as one of the strongest quarterly profit performances in the Nigerian banking industry.
Commenting on the results, the Group Managing Director of FirstHoldCo, Wale Oyedeji, said the performance reflects the resilience of the company’s business model and the disciplined execution of its long-term strategy.
“FirstHoldCo has begun 2026 on a strong footing, delivering a Q1 performance that validates the resilience of our franchise and the disciplined execution of our strategy. In a market defined by volatility, our results underscore that our business is not only enduring but strengthening—built to perform through cycles and to compound value for shareholders,” he said.
Oyedeji explained that the strong rebound followed deliberate measures taken in 2025 to de-risk the Group’s balance sheet, including adequate provisioning for systemic impaired and non-performing loans.
According to him, addressing those legacy issues has significantly strengthened the quality of the Group’s earnings and positioned the business for sustainable long-term growth.
“Our Q1 results reflect our continued focus on enhancing revenue generation, improving operational efficiency, elevating governance standards, and applying rigorous risk management and capital allocation discipline,” he stated.
He added that the Group continues to record sustained growth from its core banking operations, increased contribution from non-interest income streams, and meaningful progress in digital transformation and financial inclusion initiatives.
Oyedeji also noted that the company remains focused on preserving balance sheet strength, maintaining prudent risk management practices, and upholding strong corporate governance standards.
He disclosed that the Group made notable progress in recovering legacy delinquent loans, particularly within the oil and gas sector, recording approximately ₦19 billion in recoveries during the first quarter of 2026.
“These actions protect asset quality, sustain a strong capital position, and reinforce our capacity to fund growth responsibly across both banking and non-banking platforms,” he said.
Looking ahead, Oyedeji expressed confidence in the Group’s earnings outlook and its ability to continue delivering long-term value to shareholders and stakeholders.
“We will sustain momentum by continuing to grow quality earnings, capturing emerging opportunities in Nigeria’s evolving financial services landscape, and translating our scale, governance, and execution discipline into superior shareholder returns in 2026 and beyond,” he added.
