First HoldCo shares gain 10% after nine-month profit surge

First HoldCo Plc’s share price gained 10% on Friday to close the week at N144.10 following the release of its nine-month results.

The group’s unaudited financial statements showed a 60.84% year-on-year increase in profit before tax to N911.24 billion for the nine months ended September 30, 2026.

The share-price gain lifted its market capitalisation to about N6.5 trillion. Market data

First HoldCo profit hits N911 billion

First HoldCo reported group profit before tax of N911.24 billion for the nine months ended September 30, 2026, compared with N566.54 billion in the corresponding period of 2025. The results also showed higher pre-tax profit in the third quarter and an increase in profit after tax over the nine-month period.

• In the third quarter alone, pre-tax profit rose by 22.49% to N257.71 billion, compared with N210.39 billion in Q3 2025.
• Profit after tax increased by 65.11% to N744.45 billion for the nine months, up from N450.87 billion in the corresponding period of 2025.
• Stronger fee and commission income, gains from financial instruments and higher other operating income supported the earnings performance, helping to offset the decline in net interest income.
• Lower impairment charges also supported profitability during the period, alongside the stronger contributions from fees, financial instruments and other operating income.

The group therefore recorded higher pre-tax and after-tax earnings despite the contraction in net interest income during the nine-month reporting period. Earnings report

First HoldCo rebounds after 2025 write-offs

First HoldCo’s results followed a difficult 2025, when the bank recorded significant write-offs in line with the Central Bank of Nigeria’s prudential requirements for non-performing loans. Since then, the bank has recapitalised and restructured its operations, returning to stronger profitability in 2026.

• The company’s shares have risen sharply during 2026, climbing from the N46 opening level stated in the draft to a high of N165 per share before the recent pullback.
• Friday’s 10% gain followed that pullback, taking the closing share price to N144.10 and the company’s market capitalisation to about N6.5 trillion.
• Billionaire investor Femi Otedola remains the largest shareholder, with an ownership interest of about 26.71%, compared with the earlier 16.1% holding cited in the draft.

The latest results place the bank’s recovery from the previous year’s write-offs alongside a substantial rise in its share price during 2026, although the stock remains below its N165 high for the year.

Nigerian banks face earnings pressures

Nigerian banks have faced pressure on earnings growth in 2026 as interest rates ease and the foreign-exchange windfalls of previous years diminish. First HoldCo’s results come as several other lenders are still awaiting regulatory clearance to publish their half-year financial statements.

• UBA, Access Holdings and Fidelity Bank have yet to release their half-year results, with the delays attributed to pending approval from the Central Bank of Nigeria.
• GTCO and Zenith Bank have released their half-year financial statements, although their nine-month results remain outstanding
• First HoldCo’s nine-month figures showed stronger fee and commission income, gains from financial instruments, higher other operating income and lower impairment charges helping to offset weaker net interest income.