FirstHoldCo grows profit by 83.5% to N653.5bn in H1’26

By Peter Egwuatu

FirstHoldCo Plc has recorded an outstanding financial performance for the half year ended June 30th, 2026, H1’26, as its profit before tax, PBT rose by 83.5% to N653.5 billion from N356.15 billion in the same period 2024.

The company recorded gross earnings of N1.93 trillion, representing a 16.7% year-on-year increase from N1.65 trillion recorded in 2024 , while operating income grew by 25.8% to N1.38 trillion.

This result, according to the financial statement released on the Nigerian Exchange Limited, NGX reflects that Non-interest income rose to N497.1 billion.

This performance underscores the strength of the Group’s franchise, the quality of its earnings, and the benefits of the strategic decisions taken over the past year. The performance builds on the strong momentum established in the first quarter of 2026 and signals a defining shift in FirstHoldCo’s journey from recovery and repositioning to disciplined growth, greater efficiency, and sustainable value creation.

The Group’s cost-to-income ratio improved to 44.2% from 50.5% in H1 2025, understandably reflecting disciplined cost management and the ability to translate revenue growth into stronger profitability. This performance demonstrates the benefits of ongoing investments in technology, improving operational excellence and productivity enhancement, positioning the Group to generate greater value.

The companies impairment charges declined by 37.4% year-on-year, while pre-provision operating profit increased by 42.2%, reflecting the underlying strength of the franchise, stronger risk management performance, while the Group continues to focus on reducing non-performing loan exposures. Another proof point in the risk management capability is the approximately N91.9 billion in recoveries during the first half of the year, demonstrating sustained success in extracting value from legacy exposures and reinforcing management’s commitment to prudent risk stewardship.

Commenting, Wale Oyedeji, the Group Managing Director, said: “Our H1 2026 performance reflects far more than strong numbers, it demonstrates the resilience of our franchise, the dedication of our people and the success of the strategic actions we undertook to reposition the Group for the future. Over the past year, we have worked deliberately to strengthen our balance sheet, restore capital, improve asset quality, and enhance operating efficiency. The results show that those efforts are delivering meaningful outcomes and creating a stronger foundation for long-term growth.”

The post FirstHoldCo grows profit by 83.5% to N653.5bn in H1’26 appeared first on Vanguard News.