FirstHoldCo Delivers N1.93 trn Gross Earnings, N653.5bn PBT In H1 2026

| Marking a new chapter of growth, resilience and value creation

FirstHoldCo Plc has reported another outstanding financial performance for the half year ended June 30, 2026. Most notably, profit before tax rose by 83.5% to ₦653.5 billion, it recorded gross earnings of ₦1.93 trillion, representing a 16.7% year-on-year increase, while operating income grew by 25.8% to ₦1.38 trillion.

This result reflects a business that is emerging successfully from a period of strategic balance sheet transformation and is now firmly focused and on a trajectory of sustainable growth, enhanced profitability and long-term value creation for its numerous stakeholders and shareholders.

Undoubtedly, it is another stellar performance delivering robust growth across key performance indicators and reinforcing its position as one of Africa’s leading financial services groups.

This performance underscores the strength of the Group’s franchise, the quality of its earnings, and the benefits of the strategic decisions taken over the past year.

The performance builds on the strong momentum established in the first quarter of 2026 and signals a defining shift in FirstHoldCo’s journey from recovery and repositioning to disciplined growth, greater efficiency, and sustainable value creation.

Following one of the most comprehensive and transparent balance sheet clean ups in the Nigerian financial services industry, which addressed legacy asset quality concerns and strengthened the Group’s capital position, FirstHoldCo is beginning to reap the rewards of a stronger, healthier, and more resilient institution.

Today, the Group is better capitalised, more efficient, increasingly diversified, and well positioned to capitalise on emerging opportunities across the financial services landscape.

At the heart of the Group’s performance is an increasingly resilient earnings platform. Non-interest income rose to N497.1 billion, supported by impressive performance across electronic banking, trade services, brokerage, funds transfer and other transaction-led businesses. This complemented a healthy net interest margin of 9.5%, driven by disciplined pricing, an improved funding mix, lower funding costs, and continued optimisation of the balance sheet.

The result is an earnings profile that is not only stronger, providing a solid foundation for sustainable growth regardless of market conditions.

Another key highlight worthy of note during the period was the continued improvement in operational efficiency. This became apparent in the Group’s cost-to-income ratio improving to

44.2% from 50.5% in H1 2025, understandably reflecting disciplined cost management and the ability to translate revenue growth into stronger profitability.

This performance demonstrates the benefits of ongoing investments in technology, improving operational excellence and productivity enhancement, positioning the Group to generate greater value.

FirstHoldCo’s prudent risk management practices continued to drive improvements in asset quality during the period. Impairment charges declined by 37.4% year-on-year, while pre-provision operating profit increased by 42.2%, reflecting the underlying strength of the franchise, stronger risk management performance, while the Group continues to focus on reducing non-performing loan exposures. Another proof point in the risk management capability is the approximately N91.9 billion in recoveries during the first half of the year, demonstrating sustained success in extracting value from legacy exposures and reinforcing management’s commitment to prudent risk stewardship.

As part of its growth strategy and strict monitoring, the Group remains focused on reducing non-performing loans, accelerating recoveries, strengthening portfolio quality, and initiating high quality assets capable of engendering sustainable long-term returns.

Another significant and commendable milestone during the period was the restoration of FirstBank’s Capital Adequacy Ratio ahead of schedule, this is evidence of the effectiveness of the Group’s recapitalisation and earnings retention endeavours.

As of June 30, 2026, FirstBank’s Capital Adequacy Ratio stood at 16.7%, while liquidity ratio remained exceptionally strong at 52.2%.

This achievement provides a solid platform for future expansion and strengthens the Group’s ability to support customers, pursue growth opportunities and create long-term value.

The Group’s non-banking businesses continued to gain traction and are now playing an increasingly important role in earnings diversification.

The Investment Banking and Asset Management businesses recorded N46.0 billion in gross earnings and N27.4 billion profit before tax, supported by an asset base of N572.3 billion. These businesses are helping to deepen customer relationships, broaden revenue streams and position FirstHoldCo as a truly diversified financial services group.

The Group Chairman of First HoldCo Plc, Mr. Femi Otedola, CON, described the results as a significant achievement in the Group’s transformation journey.

He posited, “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.”

In his own view, Wale Oyedeji, the Group Managing Director, said: “Our H1 2026 performance reflects far more than strong numbers, it demonstrates the resilience of our franchise, the

dedication of our people and the success of the strategic actions we undertook to reposition the Group for the future.

Over the past year, we have worked deliberately to strengthen our balance sheet, restore capital, improve asset quality, and enhance operating efficiency. The results show that those efforts are delivering meaningful outcomes and creating a stronger foundation for long-term growth.”

Adding further, Wale said, “we are particularly encouraged by the restoration of FirstBank’s capital adequacy ratio ahead of plan, the continued growth of our transaction-led businesses and the increasing contribution of our Investment Banking and Asset Management franchise.’

With restored capital, strong liquidity, improving asset quality and a diversified earnings platform, FirstHoldCo enters the second half of 2026 from a position of strength. The Group remains focused on disciplined growth, prudent risk management, operational excellence, and the delivery of sustainable value for shareholders and all stakeholders.