First HoldCo Plc has released its unaudited Q1 2026 results, reporting a pre-tax profit of N321.12 billion for the period, representing an increase of 72.20% compared to N186.48 billion recorded in Q1 2025.
Profit after tax also rose to N267.80 billion, up 56.52% from N171.10 billion reported in the corresponding period of 2025. Earnings per share increased to N6.00, compared to N4.72 in Q1 2025.
The strong bottom-line performance was supported by growth in both interest and non-interest income.
FirstHoldCo’s strong earnings performance in Q1 2026 was primarily driven by growth in core banking income.
The decline in contribution from investment securities aligns with the reduction in the Group’s investment securities portfolio, which fell to N6.58 trillion as of March 2026 from N6.97 trillion as of December 2025.
However, interest expenses grew at a much slower pace of 2.16%, helping net interest income expand by over 20% to N439 billion
A N3.9 billion write-back helped moderate the growth in net impairment charges on financial assets, which rose to N40.35 billion from N37.25 billion in Q1 2025.
The Group also recorded significant improvements in non-interest revenue lines. Total non-interest income increased by 111% to N219.225 billion in Q1 2026, driven by strong net fee and commission income, and significant growth in net gain on sale in investment securities.
However, foreign exchange gains declined significantly to N4.41 billion from N80.48 billion recorded in the corresponding period of 2025, reflecting a lower contribution from currency-related revaluation gains.
On the cost side, personnel expenses increased to N89.27 billion, while other operating expenses rose to N187.67 billion.
Despite the higher operating costs, the Group still delivered strong profitability growth due to the robust expansion in operating income.
Total assets declined slightly due to reductions in investment securities and balances pledged as collateral.
On the liabilities side, customers’ deposits, although dropped by 2.66% to N18.380 trillion, still accounted for 68% of the balance sheet size.
First HoldCo began the year with a share price of N47.90. Ahead of the release of its audited 2025 results, the stock closed at N61.00 and subsequently gained 1.07% to close at N61.65 after the earnings announcement.
Investor sentiment strengthened further on May 8, 2026, with the stock trading as high as N67.50 during the session, reflecting sustained market optimism around the Group’s earnings performance and balance sheet position.
The stock has delivered a year-to-date return of 28.7%, although it remains down 4.6% on a month-to-date basis.