FirstHoldCo Plc recorded a 100% profit growth in Q1 2026, driven by strong lending income, improved efficiency and balance sheet recovery

FirstHoldCo Plc delivered a strong financial performance in the first quarter of 2026, reporting a 100 percent year-on-year increase in profit before tax, driven by improved lending income and stronger fee-based revenue.

Also read: Lionel Messi makes bold confession about winning mentality in viral interview

The banking group posted a profit before tax of N321.12 billion, up from N186.48 billion recorded in the same period in 2025, marking a significant rebound in its earnings trajectory.

The result positions FirstHoldCo as one of the leading performers in Nigeria’s banking sector, ranking second in absolute profit before tax behind Zenith Bank, and ahead of other tier-one competitors including GTCO, Access Holdings and UBA.

The performance comes after a major balance sheet restructuring exercise in 2025, during which the group absorbed substantial impairment charges aimed at cleaning up legacy non-performing assets and strengthening its financial position.

Following that restructuring, the group has benefited from improved asset quality and stronger earnings capacity, particularly in its core lending operations.

Interest income from loans and advances rose significantly in the review period, reflecting a stronger focus on private sector credit expansion and higher-yield lending opportunities in a tight monetary environment.

Operational efficiency also improved, with the group’s cost-to-income ratio declining from 53.8 percent to 45.2 percent, indicating better control of expenses relative to revenue growth.

Despite rising operating costs, FirstHoldCo recorded stronger overall profitability, supported by what analysts describe as positive operating leverage, where revenue growth outpaced expenses.

A notable highlight of the period was a sharp increase in recoveries from previously written-off loans, which surged significantly year-on-year and contributed to non-interest income growth.

The group’s balance sheet also reflected a stable liquidity position, even as total assets adjusted slightly due to ongoing strategic management of its financial structure.

Also read: Lionel Messi makes bold confession about winning mentality in viral interview

Overall, the results signal a strengthened earnings base for FirstHoldCo as it continues to consolidate gains from its restructuring phase and positions itself for sustained growth in the evolving banking landscape.