Nigeria: First Holdco's Nine-Month Profit Leaps 63 Percent to N744.5 Billion

What the report says

First HoldCo Plc reported a sharp rise in earnings for the first nine months of 2026, with unaudited results released on Friday showing profit after tax of N744.5 billion, up 65.1 percent from the same period a year earlier. The Abuja-based financial services group also said gross earnings increased to N2.9 trillion from N2.7 trillion, reflecting stronger performance across its income streams.

Premium Times reported that the company’s commercial banking arm remained the main driver of results, contributing 94 percent of turnover and 87.4 percent of post-tax profit. The group’s performance was helped by higher fee and commission income, foreign exchange gains, investment securities gains and a rebound in fair-value gains on financial instruments. It also benefited from lower impairment charges and cuts in personnel and operating expenses.

The report noted that net interest income fell during the period, even as the overall result improved. Profit before tax rose 60.8 percent to N566.5 billion, while total assets increased to N32.2 trillion from N27.3 trillion at the end of last year.

In a separate development cited in the article, First HoldCo’s board said in July that it intended to distribute at least 60 percent of annual profit after tax as dividends, signaling confidence in the group’s capital position and earnings outlook.