FirstHoldCo Plc Reports Strong Half-Year Financial Results
FirstHoldCo Plc has announced impressive financial results for the six months ending June 30, 2026. The company saw significant growth, with pre-tax profits surging by 83.5% to £653.5 billion. Additionally, gross profit rose 16.7% to £1.93 trillion, while operating profit climbed 25.8% to £1.38 trillion.
These results are indicative of a company emerging from a strategic transformation of its balance sheet, positioning itself for sustainable growth while enhancing profitability and creating long-term value for its stakeholders. This remarkable performance not only underscores the company’s robust growth across key indicators, but it also solidifies FirstHoldCo’s status as one of Africa’s premier financial services groups.
Franchise Strength and Strategic Momentum
The latest performance highlights the resilience of FirstHoldCo’s earnings and the advantages of strategic decisions made over the past year. Building on the strong momentum established in the first quarter of 2026, this half-year report delineates a clear pivot in FirstHoldCo’s journey from recovery and repositioning to disciplined growth and value creation.
After undertaking an extensive and transparent balance sheet clean-up within the Nigerian financial services sector and addressing legacy asset quality issues, the Group is starting to enjoy the dividends of a more resilient and efficient organization. FirstHoldCo is now well-capitalized and strategically positioned to capitalize on new opportunities within the industry.
Robust Revenue Streams and Operational Efficiency
A key driver of the Group’s success has been its increasingly robust revenue base. Non-interest income rose to £497.1 billion, buoyed by strong performances in electronic banking, trade services, brokerage, funds transfer, and other transaction-driven ventures. This growth is attributed to disciplined pricing, an improved funding mix, reduced funding costs, and ongoing balance sheet optimization, all complemented by a healthy net interest margin of 9.5%.
This diversified revenue profile supports consistent growth, positioning FirstHoldCo to weather varying market conditions. Additionally, operational efficiency continues to improve, as reflected in the Group’s cost-to-income ratio, which dropped significantly from 50.5% in the first half of 2025 to 44.2%. This achievement attests to disciplined cost management and the effective translation of revenue growth into enhanced profitability.
Advancements in Risk Management and Asset Quality
FirstHoldCo’s commitment to prudent risk management has yielded notable improvements in asset quality. Impairment charges fell by 37.4% compared to the same period last year, while operating income before provisions rose 42.2%. This underscores the franchise’s inherent strength and the success of improved risk management efforts, which continue to focus on minimizing bad debt exposure.
The Group also recovered approximately ₦91.9 billion in the first half of this year, demonstrating the effective extraction of value from legacy exposures and reinforcing its commitment to responsible risk management. Going forward, FirstHoldCo remains dedicated to reducing non-performing loans and creating high-quality assets that generate sustainable long-term returns.
Strengthening Capital Ratios and Revenue Diversification
An important milestone achieved during this period is FirstBank’s recovery of capital ratios ahead of expectations, further confirming the efficacy of the Group’s recapitalization and profit preservation strategies. As of June 30, 2026, First Bank’s equity ratio stood at 16.7%, while its liquidity ratio remained robust at 52.2%. This solid foundation is crucial for future expansion and enhances the Group’s capacity to support customers and pursue growth opportunities.
Moreover, the Group’s non-banking operations are gaining traction, significantly contributing to its overall revenue diversification. The Investment Banking and Wealth Management sectors recorded gross profits of £46.0 billion and pre-tax profits of £27.4 billion, supported by an asset base of £572.3 billion. These sectors play a pivotal role in deepening customer relationships and expanding revenue streams, positioning FirstHoldCo as a truly diversified financial powerhouse.
Leadership’s Perspective on Growth Strategy
Mr. Femi Otedola, Chairman of FirstHoldCo Plc, expressed optimism regarding the results, noting the significance of this performance in the Group’s transformation journey. He stated that the first half of 2026 is a critical turning point, validating the bold measures taken by the Board to strengthen the organization further.
Group Managing Director Wale Oyedeji echoed these sentiments, emphasizing that the positive results are a reflection of both robust numbers and the franchise’s resilience. He highlighted the deliberate actions taken over the past year to bolster the balance sheet, restore capital, and improve asset quality. With renewed capital, strong liquidity, and enhanced asset quality, FirstHoldCo is primed for disciplined growth while delivering sustainable value to its shareholders and stakeholders.
