{
  "id": 17244807,
  "title": "First HoldCo’s recoveries surge 1,503% to N94.31 billion",
  "url": "https://urgent.news/2026/10/30/first-holdcos-recoveries-surge-1-503-to-n94-31-billion",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T15:01:36.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/30/first-holdcos-recoveries-surge-1503-to-n94-31-billion/"
  },
  "original_language": "en",
  "account": "In the nine months leading up to September 30, 2026, First HoldCo Plc experienced a remarkable surge in recoveries, rising by an astonishing 1,502.8% to reach N94.31 billion, compared to N5.88 billion during the same period in 2025. This significant growth in recoveries was marked by a sharp decline in the third quarter, with only N2.42 billion recorded. A thorough examination of First HoldCo's unaudited financial statements reveals that the bulk of the recoveries occurred in the first half of the year, with N91.89 billion accumulated between January and June. The third quarter's contribution to the total recoveries was a mere 2.6%.\n\nThe rise in recoveries accompanied a noteworthy increase in the Group's profit before tax, which climbed by 60.84% to N911.24 billion, up from N566.54 billion in the same period last year. Within the recoveries, N142.06 billion was recognized under other operating income, a substantial increase from N23.83 billion in the comparable period of 2025. While the financial statements classify these amounts as recoveries, they do not disclose the specific borrowers, loan portfolios, or individual exposures that facilitated this growth.\n\nFirst HoldCo's progress in addressing historical credit exposures and enhancing its lending practices is evident in the surge of recoveries. However, the chairman attributes the decline in the loan book to weaknesses in credit governance and persistent borrower defaults. He further highlights the recovery in recoveries as proof of advancement in the Group's restructuring program. This shift in focus towards recoveries, following substantial impairment charges in prior periods, underscores the institution's strategy to bolster earnings growth through core banking operations and diminish reliance on recovery-related income, which may not consistently recur.",
  "summary": "First HoldCo Plc’s recoveries surged by 1,502.8% to N94.31 billion in the nine months ended September 30, 2026, from N5.88 billion in the corresponding period of 2025, even as the amount recorded in the third quarter fell sharply to N2.42 billion. The post First HoldCo’s recoveries surge 1,503% to N94.31 billion appeared first on Nairametrics .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}