FirstHoldCo Plc delivered a strong financial performance in the first quarter of 2026, recording a 72 per cent year-on-year increase in profit before tax (PBT).
The financial services group posted a PBT of N321 billion in Q1 2026, up from N186.47 billion recorded during the same period in 2025. The growth was driven by strong interest income and improved fee-based earnings.
The latest results signal a major turnaround for the parent company of Nigeria’s oldest commercial bank after an extensive balance sheet restructuring exercise carried out in 2025.
The group had previously taken a massive N830 billion impairment charge to clean up legacy debts and address long-standing asset quality concerns. Analysts described the move as a strategic reset that positioned the company to benefit fully from Nigeria’s high-interest-rate environment.
Following the restructuring, FirstHoldCo emerged as the second most profitable banking group in Nigeria by absolute profit before tax, trailing only Zenith Bank Plc.
In the first quarter of 2026, Zenith Bank recorded a PBT of N360.91 billion, while Guaranty Trust Holding Company Plc (GTCO) posted N302.89 billion.
Access Holdings Plc reported N272.2 billion, while United Bank for Africa Plc (UBA) recorded N160.65 billion.
The group’s recovery comes amid a tough monetary environment in Nigeria, where the Central Bank of Nigeria has maintained a tight monetary policy stance with a Monetary Policy Rate of 26.5 per cent in an effort to control inflation.
Despite the challenging conditions, FirstHoldCo’s restructuring strategy appears to have strengthened its lending capacity and profitability, enabling the company to maximise opportunities in the current credit market cycle.
Industry analysts say the performance highlights renewed investor confidence in the group and reflects improved operational efficiency following the extensive clean-up of bad assets in 2025.
