First HoldCo Plc, the parent company of FirstBank Nigeria and chaired by billionaire investor Femi Otedola, has reported a 60.8 per cent increase in profit before tax to ₦911.24 billion, approximately $684 million, for the nine months ended 30 September 2026. The group’s unaudited financial results, filed with the Nigerian Exchange, show that pre-tax profit rose from ₦566.54 billion in the corresponding period of 2025, while profit after tax climbed 65.1 per cent to ₦744.45 billion. Gross earnings increased 8.8 per cent to ₦2.87 trillion, supported by stronger contributions from its commercial banking operations and growth in non-interest income. The performance reinforces First HoldCo’s position among Nigeria’s major financial services groups as lenders navigate changing interest-rate conditions and heightened regulatory capital requirements.
The earnings improvement was driven largely by stronger fee income, gains from financial instruments and lower credit impairment charges. Net fee and commission income increased 48.1 per cent to ₦316.43 billion, while gains on financial instruments measured at fair value through profit or loss reached ₦104.59 billion, reversing a loss of ₦72.78 billion recorded a year earlier. Impairment charges for expected credit losses declined 28.3 per cent to ₦207.10 billion, providing additional support to profitability. However, the results also revealed pressure on traditional lending income: interest income fell 8.7 per cent to ₦2.09 trillion, while net interest income declined 16 per cent to ₦1.26 trillion. In the third quarter alone, profit before tax rose 22.5 per cent to ₦257.71 billion, while profit after tax increased 35.5 per cent to ₦218.32 billion, according to the group’s financial statements reported by TheCable and Nairametrics.
First HoldCo’s balance sheet also expanded during the reporting period, with total assets rising 18.1 per cent from December 2025 to ₦32.20 trillion. Customer deposits increased 21.3 per cent to ₦22.91 trillion, while loans and advances to customers grew more modestly by 4.8 per cent to ₦9.39 trillion. The results come as the group continues to strengthen its capital position to meet the Central Bank of Nigeria’s minimum capital requirements for banks with international authorisation. Otedola, who became First HoldCo chairman in 2024, has also increased his shareholding through his investment vehicle, Calvados Global Services, according to reporting by Billionaires.Africa. While the nine-month results point to stronger overall profitability, the decline in net interest income highlights the growing importance of fee-based services, trading income and credit-risk management to the group’s earnings mix.
