FirstHoldCo posts strong Q1 recovery as profit jumps 72% to N321bn

 






By allcitynews.ng


 

FIRSTHoldCo Plc has reported a strong rebound in profitability for the first quarter of 2026, posting a 72.2 per cent increase in profit before tax to N321.1 billion, amid sustained revenue growth and improved earnings quality.

The Group, in its unaudited financial results for the quarter ended March 31, 2026, announced that gross earnings rose by 26.8 per cent year-on-year to N942 billion from N742.7 billion recorded in the corresponding period of 2025.

The profit after tax also increased significantly by 56.5 per cent to N267.8 billion, compared to N171.1 billion in Q1 2025, underscoring what the company described as the resilience of its banking franchise and disciplined execution of its growth strategy.

Interest income grew by 12.7 per cent to N704.5 billion, while net interest income rose by 20.1 per cent to N438.8 billion.

The Group also recorded a sharp rise in non-interest income, which surged by 110.7 per cent to N219.2 billion, driven by stronger fee-based earnings, gains from financial instruments and improved operating income streams.

Operating income climbed by 40.2 per cent to N658 billion, while operating expenses rose by 21.3 per cent to N297.6 billion due to inflationary pressures and increased business activity.

Speaking on the results, the Group Managing Director, Wale Oyedeji, said the company began 2026 on a strong footing despite market volatility.

According to him, the performance validates the resilience of the Group’s franchise and reflects the success of strategic actions taken in 2025 to de-risk the balance sheet and address legacy non-performing loans.

Oyedeji said the company’s Q1 performance was among the strongest quarterly profit before tax outcomes within the Nigerian banking industry.

He noted that the Group’s improved earnings profile was supported by enhanced revenue generation, improved operational efficiency, stronger governance standards, and sustained investment in digital transformation and financial inclusion initiatives.

The bank also disclosed that it recorded approximately N19 billion in recoveries from delinquent loan exposures during the quarter, particularly from oil and gas obligors, reinforcing confidence in additional recoveries over time.

Despite the strong earnings growth, the Group’s non-performing loan ratio rose to 13.4 per cent from 12 per cent recorded at the end of the 2025 financial year, while NPL coverage moderated to 89.4 per cent from 98.7 per cent.

Total assets stood at N26.9 trillion, slightly lower than the N27.3 trillion reported at the end of 2025, while customer loans and advances increased by 5.3 per cent to N9.4 trillion.

Customer deposits, however, declined marginally by 2.7 per cent to N18.4 trillion during the review period.

In the commercial banking segment, gross earnings rose by 23.8 per cent to N897.1 billion, while profit before tax increased by 71 per cent to N285.8 billion.

The Investment Banking and Asset Management division also posted a 36.9 per cent increase in gross earnings to N22.9 billion, although profit before tax dipped slightly by 7.3 per cent to N14.8 billion.

The Group’s shareholders’ funds increased to N3.47 trillion from N3.3 trillion at the end of 2025, reflecting stronger retained earnings and improved capital position.

The management expressed confidence that the strong start to the year would sustain momentum throughout 2026, driven by disciplined risk management, expansion of non-interest income streams, and continued focus on delivering long-term shareholder value.

FirstBank remains the flagship commercial banking subsidiary of the Group, which operates across 10 countries spanning Africa, Europe and Asia.

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