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FirstHoldCo Plc maintained its growth trajectory in the first quarter of 2026, reporting a sharp rise in both revenue and profit as the group’s balance sheet reset began to yield results.
The financial services group posted unaudited gross earnings of ₦942.0 billion for the three months ended March 31, 2026, a 26.8% increase from ₦742.7 billion in Q1 2025. Profit before tax climbed 72.2% year-on-year to ₦321.1 billion, marking one of the strongest quarterly performances in the Nigerian banking sector.
Profit after tax rose 56.5% to ₦267.8 billion from ₦171.1 billion in the same period last year.
The Q1 results build on the group’s full-year 2025 performance, where gross earnings reached ₦3.4 trillion.
Group Managing Director Wale Oyedeji said the results reflect the impact of decisive steps taken in 2025 to de-risk the balance sheet and strengthen earnings quality.
“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,” Oyedeji said. “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 attributed the strong rebound to the comprehensive provisioning for impaired and non-performing loans carried out last year, which he said has improved transparency and set the group on a firmer foundation for growth.
Oyedeji noted that Q1 was supported by a stronger core banking franchise, higher contributions from non-interest income, and progress in digital transformation and financial inclusion. These factors, he said, are driving a more diversified and resilient earnings profile.
The group also continued to make headway on legacy loan recoveries. Approximately ₦19 billion was recovered in Q1 2026, with notable progress from oil and gas obligors. Oyedeji said these recoveries reinforce confidence in further asset quality improvements and support the group’s capital position.
“Beyond the headline numbers, we remain committed to preserving balance sheet strength, deepening prudent risk management, and upholding the highest standards of corporate governance,” he said.
Looking ahead, Oyedeji said FirstHoldCo will focus on growing quality earnings, capturing opportunities in Nigeria’s evolving financial services landscape, and translating its scale and execution discipline into superior shareholder returns.
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