First Holdco Plc has released its financial statements for the nine-month period ended September 30, 2026, showcasing a mixed scorecard highlighted by a profit after tax (PAT) of ₦744.45 billion up 65.11% year-on-year.
According to the financial report filed with the Nigerian Exchange Limited, the impressive bottom-line expansion was heavily reinforced by robust non-interest revenue streams, including net fee and commission income which reached ₦316.43 billion, and sustained transaction banking activity across its primary subsidiary, First Bank of Nigeria Limited.
The Bank’s non-performing loan (NPL) ratio also improved to 10.40%, even as net interest income contracted by 16.02% and third-quarter profit before tax (PBT) slipped 22.48% from the second quarter.
Asset quality indicators also registered a noticeable recovery trajectory and tighter credit risk management compared to previous quarters.
Despite the strong profitability growth, the financial disclosures reveal underlying strains in core intermediation activities.
Net interest income was weighed down by rising funding costs and shifts in asset-yielding dynamics.
