First HoldCo Plc has posted a record profit before tax of ₦653.54 billion for the first half of 2026, representing an 83.5 per cent increase from the ₦356.15 billion recorded in the corresponding period of 2025.
The banking group disclosed its unaudited financial results on Monday, revealing strong earnings driven by improved operational efficiency, higher non-interest income and lower credit impairment charges.
Profit after tax rose to ₦526.13 billion, while operating profit increased to ₦651.98 billion, reflecting sustained improvements across the group’s operations.
The company’s balance sheet also recorded steady growth during the period. Total assets climbed to ₦30.65 trillion, customer deposits increased to ₦21.93 trillion, and loans to customers expanded to ₦9.51 trillion, underscoring the group’s growing capacity to finance businesses and support economic activities.
The strong financial performance boosted investor confidence, with First HoldCo’s shares rising 10 per cent in trading following the release of the results.
Group Chairman, Femi Otedola, described the performance as another major achievement in the company’s ongoing transformation.
“This is a major milestone in our transformation journey,” Otedola said.
The company attributed the impressive earnings to deliberate efforts aimed at strengthening its balance sheet, improving asset quality and positioning the business for sustainable long-term growth.
“The performance reflects our efforts to strengthen the balance sheet, improve asset quality and position the group for long-term growth,” the company stated.
The latest results extend the group’s positive growth trajectory following governance reforms, business restructuring and strategic investments undertaken in recent years.
First HoldCo has also continued to strengthen its operations as Nigeria’s banking sector adjusts to the Central Bank of Nigeria’s higher capital requirements.
Despite persistent inflationary pressures, foreign exchange volatility and evolving regulatory conditions, the group’s latest performance highlights its resilience and reinforces its position as one of Nigeria’s leading financial institutions.
