First HoldCo PLC, formerly known as FBN Holdings PLC, has reported a powerful start to the 2026 fiscal year, posting a 72.2% surge in profit before tax to ₦321.1 billion for the first quarter ended March 31.
The results signal a significant rebound for the financial services group following intensive balance sheet de-risking and management of legacy loan exposures undertaken in 2025.
Commenting, the Bank’s Group Managing Director Wale Oyedeji noted that the performance validates the resilience of the franchise and its ability to compound value even in volatile market conditions.
The Group’s gross earnings climbed 26.8% year-on-year to reach ₦942.0 billion.
This growth was fueled by a 12.7% rise in interest income and a remarkable 110.7% jump in non-interest income, which rose to ₦219.2 billion.
The underlying metrics show a shift toward higher efficiency, as the Group’s cost-to-income ratio improved to 45.2% from 52.3% in the prior year period.
The post-tax return on average equity reached 31.6%, a significant increase compared to the 4.6% recorded for the full year 2025.
Performance across the Group’s primary business arms showed strong momentum in banking, though investment sectors faced some headwinds.
The Commercial Banking segment remained the primary driver, contributing ₦897.1 billion in gross earnings and ₦285.8 billion in profit before tax. Meanwhile, the Investment Banking & Asset Management segment saw gross earnings grow by 36.9% to ₦22.9 billion, though its profit before tax declined by 7.3% to ₦14.8 billion.
First HoldCo’s total assets stood at ₦26.9 trillion as of March 2026, while net customer loans and advances grew by 5.3% to ₦9.4 trillion since the end of 2025.
A key focus remains the resolution of legacy delinquent exposures, with management reporting approximately ₦19 billion in recoveries during the first quarter, particularly from oil and gas obligors.
Despite these recoveries, the Non-Performing Loan (NPL) ratio rose to 13.4% from 12.0% at year-end 2025. Looking ahead, the Group aims to sustain this momentum by capturing emerging opportunities in Nigeria’s evolving financial landscape and continuing its digital transformation initiatives.