FirstHoldCo Reports N911bn Profit Before Tax in 9 Months 2026; Reinforcing Profitability and Resilience

First HoldCo Plc reported an impressive N911.2 billion profit before tax over the first nine months of 2026, marking a significant milestone in the group's journey towards a more resilient, profitability-focused growth phase. The company's profitability expanded at a faster rate than gross earnings, with profit after tax reaching N744.5 billion, a 65.1% increase year-on-year.

This growth is supported by a diversified revenue mix, with non-interest income surging 143.5% to N722.9 billion, while transaction-led revenues, including electronic banking and credit-related services, contribute to earnings expansion. The group's operating efficiency has improved, with operating income up by 10.3% and lower operating expenses.

This cost discipline is evident in the declining cost-to-income ratio of 43.7%, down from 52.4% in the previous period. First HoldCo's capital adequacy ratio also improved to 18.6% as of September 2026, reflecting stronger capital and asset-quality indicators that enhance the group's ability to absorb risk and pursue selective growth opportunities.

Despite a decline in net interest income due to softer asset yields, the group has managed to maintain an improved cost of funds, which bodes well for future margin expansion. The balance sheet's capacity to support disciplined growth is evident, with total assets increasing by 18.1% and customer deposits rising 21.3%. The improved capital adequacy ratio, coupled with a declining non-performing loan ratio and enhanced asset quality, demonstrates the company's commitment to maintaining robust credit standards and asset quality.