First HoldCo Posts ₦526.1bn H1 2026 Profit as Interest Income Surges to ₦1.4tn

First HoldCo Plc has reported a strong financial performance for the first half of 2026, with profit after tax rising 81.6% year-on-year to ₦526.13 billion, supported by higher interest income, resilient lending operations and continued balance sheet expansion.

The holding company of First Bank of Nigeria and its financial services subsidiaries posted profit before tax of ₦653.54 billion for the six months ended June 30, 2026, while earnings per share increased to ₦11.74, reflecting improved profitability delivered amid Nigeria’s high interest rate environment.

The results reinforce the group’s ability to capitalize on elevated yields despite persistent inflationary pressures and tight monetary conditions that have reshaped the operating environment for Nigerian banks.

Interest Income Tops ₦1.39 Trillion

First HoldCo generated ₦1.398 trillion in interest income during the period, underscoring the strong contribution of its core lending and investment activities.

After accounting for impairment charges of ₦116.14 billion, the group reported net interest income of ₦762.99 billion, highlighting resilient earnings despite maintaining conservative provisions against credit risks.

The impairment charge reflects continued prudence in managing asset quality as businesses and households navigate challenging macroeconomic conditions.

Profit Growth Continues

The group’s profit after tax of ₦526.13 billion compares with ₦289.77 billion recorded in the corresponding period of 2025, representing an increase of approximately 81.6%.

Profit before tax climbed to ₦653.54 billion, while total comprehensive income stood at ₦281.37 billion, reflecting the impact of unrealised fair value losses recognised through other comprehensive income.

Despite these valuation adjustments, the group’s underlying earnings remained strong, supported by robust operating performance across its banking and financial services businesses.

Balance Sheet Expands Above ₦30 Trillion

First HoldCo also strengthened its financial position during the first half of the year.

As of 30 June 2026, the group reported: Total assets: ₦30.65 trillion, Customer deposits: ₦21.93 trillion, Net loans and advances: ₦9.51 trillion and Total equity: ₦3.63 trillion

The growth in customer deposits continued to provide a stable funding base, while substantial cash balances with the Central Bank of Nigeria and other financial institutions supported the group’s liquidity position.

Group Managing Director Adebowale Oyedeji and Acting Chief Financial Officer Wasiu Shafe certified the financial statements, affirming that they fairly present the financial position of the group and that appropriate internal control systems remain effective in line with regulatory requirements.

The group said it remains focused on accelerating digital banking, strengthening customer experience through FirstBank, and expanding earnings from its non-banking subsidiaries, including asset management, insurance and other financial services businesses.

First Bank H1 2026 Financial Snapshot