FirstHoldCo Plc, Nigeria's largest bank, announced a record profit before tax of $653.5 billion for the first half of 2026, marking an 83.5% year-on-year increase from $356.15 billion in the corresponding period of 2025. Gross earnings for the period reached $1.93 trillion, a 16.7% year-on-year rise, while operating income grew by 25.8% to $1.38 trillion. The bank's performance was attributed to stronger operating efficiency, improved asset quality, and an expanding transaction banking and non-interest income business.
The strong financial results reflect the effectiveness of the Group's recapitalization and earnings retention strategies. FirstBank’s Capital Adequacy Ratio improved to 16.7% and its liquidity ratio remained robust at 52.2% as of June 30, 2026. This turnaround follows a significant balance sheet cleanup in 2025, which included an $826 billion impairment charge, defined by management as a deliberate reset to strengthen the institution and meet regulatory expectations. Impairment charges declined by 37.4% year-on-year in H1 2026, and the group reported approximately $91.9 billion in recoveries.
Investors reacted positively to the news, pushing FirstHoldCo’s share price up 10% and increasing its market capitalization to $4.80 trillion, surpassing Zenith Bank ($4.79 trillion) and GTCO ($4.71 trillion) to become Nigeria's most capitalized banking stock. Total assets grew to $30.65 trillion, customer deposits to $21.93 trillion, and loans to customers expanded to $9.51 trillion. Non-interest income rose to $497.1 billion, supported by electronic banking, trade services, and other transaction-led businesses, complementing a net interest margin of 9.5%.
Group Chairman Femi Otedola described the results as a significant achievement and a turning point in FirstHoldCo’s transformation journey, validating the strategic decisions taken to strengthen the institution. His increased stake to 20.40% as of June 30, 2026, also signals renewed investor confidence. The Investment Banking and Asset Management businesses contributed $46.0 billion in gross earnings and $27.4 billion in profit before tax, supported by a $572.3 billion asset base, further diversifying revenue streams.
Wale Oyedeji, the Group Managing Director, highlighted the resilience of the franchise and the continued growth of transaction-led businesses and the Investment Banking and Asset Management franchise. The bank aims to sustain its position through continued earnings growth, improved asset quality, and consistent returns, adapting to higher capital requirements in the ongoing recapitalization exercise. The group expects to enter the second half of 2026 from a position of strength, focused on disciplined growth, risk management, and operational excellence.
