FirstHoldCo posted N321bn profit as Q1 gross earnings hit N942bn.
NewsOnline Nigeria reports that First HoldCo Plc has delivered a remarkable financial performance for the first quarter of 2026, posting a 100 per cent year-on-year growth in profit before tax (PBT) to emerge as Nigeria’s second most profitable lender.
The financial services group recorded a PBT of N321.12 billion in Q1 2026, up from N186.48 billion in the corresponding period of 2025, driven by strong interest income, robust fee generation, and improved operational efficiency.
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The performance marks a major turnaround for the parent company of FirstBank of Nigeria Limited
following an aggressive balance sheet restructuring exercise carried out in 2025.
Industry data showed that First HoldCo now ranks behind only Zenith Bank Plc in profitability among Nigeria’s top-tier lenders.
In Q1 2026, Zenith Bank posted a PBT of N360.91 billion, while First HoldCo followed with N321.12 billion. Guaranty Trust Holding Company Plc recorded N302.89 billion, Access Holdings Plc posted N272.2 billion, while United Bank for Africa Plc reported N160.65 billion.
Analysts attributed First HoldCo’s resurgence not only to Nigeria’s high-interest-rate environment but also to the group’s strategic clean-up of non-performing assets in 2025.
The company had taken a historic N826.3 billion impairment charge last year to address long-standing asset quality concerns and strengthen its balance sheet.
The restructuring appears to be paying off, as the group emerged as one of the strongest performers in shareholder value creation metrics during the quarter.
One of the bank’s standout indicators was its Return on Equity (ROE), which climbed to 31.6 per cent in Q1 2026 from 4.6 per cent recorded in December 2025.
The figure places First HoldCo ahead of several leading members of the FUGAZ banking group despite ongoing recapitalisation efforts across the industry.
The bank’s strong earnings performance was largely supported by growth in customer lending.
Interest income from loans and advances to customers rose by 27.8 per cent year-on-year to N465.6 billion, reflecting the group’s strategic focus on private sector credit expansion.
Operational efficiency also improved significantly during the period.
First HoldCo’s Cost-to-Income Ratio (CIR) dropped from 53.8 per cent in late 2025 to 45.2 per cent in Q1 2026, outperforming some major competitors in the banking sector.
The bank also recorded major gains in loan recoveries.
Its recoveries line surged from N1 billion in Q1 2025 to N19 billion in Q1 2026, representing a 1,570 per cent increase.
Analysts said the sharp increase reflected the success of the group’s post-restructuring asset recovery strategy following the write-off of legacy non-performing loans.
Meanwhile, the group’s total assets stood at N26.8 trillion as of March 2026, reflecting what analysts described as a more stable and strategically positioned balance sheet.
With its improved profitability, stronger asset quality, and expanding lending operations, market watchers believe First HoldCo is now better positioned for sustained growth and stronger market valuation within Nigeria’s banking sector.
