First HoldCo profit rises 65% to ₦744.5bn in nine months

First HoldCo Plc, the parent company of FirstBank, has reported a profit after tax of ₦744.45 billion for the nine months ended September 2026. That is 65.1 percent higher than the ₦450.87 billion it made in the same period last year, according to its unaudited results filed on Friday.

Profit before tax rose 60.8 percent to ₦911.24 billion from ₦566.54 billion a year earlier.

The result did not come from lending. Interest income fell 8.7 percent to ₦2.09 trillion, and interest expenses rose 5.2 percent to ₦833 billion, leaving net interest income 16 percent lower at ₦1.26 trillion.

Instead, the group earned more from fees and trading. Net fee and commission income climbed 48.1 percent to ₦316.43 billion, with electronic banking fees alone bringing in ₦73.16 billion. Gains on financial instruments swung to ₦104.59 billion from a loss of ₦72.78 billion last year, and other operating income jumped to ₦142.06 billion from ₦23.83 billion.

Lower provisions for bad loans also helped. Impairment charges dropped 28.3 percent to ₦207.1 billion from ₦288.92 billion.

What it means for customers and shareholders

The bank is holding more of Nigerians' money. Customer deposits grew 21.3 percent to ₦22.91 trillion from ₦18.88 trillion at the end of December 2025, while total assets rose 18.1 percent to ₦32.2 trillion.

Lending grew more slowly. Loans and advances to customers rose 4.8 percent to ₦9.39 trillion, meaning the bank is collecting deposits faster than it is giving out loans.

For shareholders, earnings per share rose to ₦16.45 from ₦10.65.

Investors welcomed the numbers. First HoldCo shares gained 10 percent on Friday to close at ₦144.10, lifting its market value to about ₦6.5 trillion, according to Nairametrics. BusinessDay reported the stock began the year at ₦47.90 and has since gained 173 percent, while Nairametrics put the opening level at ₦46.

Nairametrics reported that billionaire investor Femi Otedola remains the largest shareholder with about 26.71 percent.

The results follow a difficult 2025, when the bank recorded significant write-offs to meet the Central Bank of Nigeria's rules on bad loans. Nairametrics reported that the bank has since recapitalised and restructured its operations.

Other lenders are still under pressure. UBA, Access Holdings and Fidelity Bank have not released their half-year results, with the delays linked to pending CBN approval, while GTCO and Zenith Bank have published half-year figures but not nine-month numbers.

What happens next

First HoldCo is expected to publish its full-year results for 2026 early next year. Investors will be watching whether fee income and trading gains can keep covering the fall in lending income as interest rates ease.