First HoldCo’s nine-month profit leaps 63% to N744.5 billion

First HoldCo Plc logged a 65.1 per cent rise in net profit in the first nine months of 2026, relative to the same period of last year, according to its latest unaudited results issued on Friday, boosted by a general improvement across its income sources

The financial services group posted the strong results as gross earnings climbed to N2.9 trillion from N2.7 trillion a year ago, thanks to increased contribution of its commercial banking business to its revenue pool.

The commercial banking division accounted for 94 per cent of turnover and 87.4 per cent of post-tax profit.

Net interest income, the difference between the interest banks earn on interest-bearing assets and what they pay depositors and account holders, fell 16 per cent to N1.3 trillion.

Interest expense as a percentage of interest income rose to 39.8 per cent from 34.5 per cent a year ago, indicating increased cost pressure on net interest income.

The banking group set aside N207.1 billion to cover impaired assets, 28.3 per cent lower than the amount it provisioned for the same purpose in the corresponding period of last year.

Net fee and commission advanced 48.1 per cent to N316.4 billion, driven by improved financial advisory fees and higher income from brokerage and intermediation.

The performance also benefited from a 19.9 per cent surge in foreign exchange gains and a 26 per cent rise in net gains on the sale of investment securities.

Also boosting profit, First HoldCo posted N104.6 billion in net gains from financial instruments at FVTPL, up from a N72.8 billion loss a year ago.

Other operating income expanded by nearly sixfold to N142.1 billion.

Beyond improved income generation, the strong results also benefited from cost-cutting measures.

The banking group cut personnel expenses by 3.4 per cent and other operating expenses by 12.8 per cent, largely by reducing spending on advertising and corporate promotions.

Profit before tax rose 60.8 per cent to N566.5 billion, while profit after tax rose to N744.5 billion from N450.9 billion.

Total assets rose to N32.2 trillion from N27.3 trillion as of the end of last year.

In July, First HoldCo’s board of directors announced a policy to pay at least 60 per cent of the group’s profit after tax as annual dividends.

The financial institution said the move highlights its directors’ confidence in its earnings capacity, enhanced capital position, improving asset quality, diversified revenue streams, and robust outlook for sustained profitability and growth