First HoldCo shares gain 10% after nine-month profit surge

First HoldCo Plc's stock rose by 10% on Friday, closing at N144.10 for the week after unveiling impressive nine-month results. The group's unaudited financials revealed a remarkable 60.84% year-on-year surge in profit before tax, totaling N911.24 billion for the period ending September 30, 2026. This surge propelled the company's market capitalization to approximately N6.5 trillion.

The financial report highlighted a significant increase in profit before tax, which rose from N566.54 billion in the same period of 2025 to N911.24 billion in 2026. Moreover, the pre-tax profit improved in the third quarter, and the after-tax profit also showed growth over the nine-month span. Despite a contraction in net interest income during the nine-month period, the group managed higher pre-tax and after-tax earnings.

First HoldCo's performance came after a challenging 2025, marked by substantial write-offs in line with the Central Bank of Nigeria's prudential regulations for non-performing loans. Following this period, the bank underwent recapitalization and operational restructuring, which led to stronger profitability in 2026. The latest results underscore the bank's recovery from the previous year's write-offs alongside a substantial rise in its share price throughout 2026, although it remains below its yearly high of N165.

Nigerian banks have experienced pressure on earnings growth in 2026 due to easing interest rates and diminishing foreign-exchange windfalls from previous years. First HoldCo's results follow suit as several other lenders await regulatory clearance to publish their half-year financial statements.