First HoldCo Posts N653.5bn Half-year Profit

First HoldCo Plc has released its half-year results, posting a profit before tax of N653.54 billion for the six months ended June 30, 2026, an 83.5 per cent increase over the N356.15 billion recorded in the corresponding period of 2025, as higher non-interest income, lower credit impairment charges and an improved balance sheet lifted earnings.

The financial holding company also recorded a profit after tax of N526.13 billion during the period under review, representing an 81.57 per cent growth from N289.77 billion posted in the first half of last year, while earnings per share rose to N11.74 from N6.84.

The financial statements released to investors showed that second-quarter performance remained resilient, with the Group posting a pre-tax profit of N332.42 billion, higher than the N321.12 billion recorded in the first quarter of 2026 and almost double the N169.67 billion reported in the corresponding quarter of 2025.

Although interest income moderated by 2.74 per cent to N1.40 trillion from N1.44 trillion a year earlier, earnings were buoyed by growth in fee-based income and improved operating efficiency. Net fee and commission income rose by 28.71 per cent to N178.51 billion from N138.70 billion, while operating profit climbed by 83.15 per cent to N651.98 billion.

The Group’s balance sheet also reflected stronger business growth during the period, with customer deposits increasing by 16.16 per cent to N21.93 trillion from N18.88 trillion at the end of December 2025.

Loans and advances to customers rose by 6.1 per cent to N9.51 trillion, while total assets expanded to N30.65 trillion from N27.25 trillion. Cash and balances with central banks remained stable at N5.07 trillion.

Further analysis of the results showed that fee and commission income increased to N214.66 billion from N168.57 billion, while other operating income surged to N136.67 billion from N13.15 billion, supported by improved gains on investment securities and financial instruments measured at fair value through profit or loss.

The Group equally recorded a significant improvement in asset quality as impairment charges for credit losses declined to N116.14 billion from N185.40 billion recorded in the corresponding period of 2025

Despite the prevailing high-cost operating environment, which pushed personnel expenses to N180.26 billion and other operating expenses to N384.55 billion, higher operating income more than compensated for the increase in costs, driving overall profitability.

The financial holding company also strengthened its capital position during the period as borrowings declined significantly to N964.83 billion from N1.94 trillion at the end of 2025, while total equity rose to N3.63 trillion on the back of earnings retention.