…Assets Hit N30.65trn
First HoldCo Plc delivered a strong financial performance for the first half of 2026, posting a profit after tax of N526.13 billion, representing an 81.6 per cent increase from N289.77 billion recorded in the corresponding period of 2025, driven by higher interest income, stronger non-interest revenue and improved operating profitability.
The group’s unaudited consolidated financial statements for the six months ended June 30, 2026, filed with the Nigerian Exchange Limited (NGX), showed that profit before tax rose to N653.54 billion from N356.15 billion in the same period of 2025, representing a growth of about 83.5 per cent.
Interest income remained the major earnings driver, climbing to N1.40 trillion in the first half of 2026 from N904.83 billion a year earlier, while interest expense increased to N518.92 billion from N532.82 billion, resulting in net interest income of N879.13 billion compared with N372.01 billion in the corresponding period of 2025.
After accounting for impairment charges on financial assets, net interest income stood at N761.99 billion, significantly higher than N719.43 billion recorded in the previous year.
The group’s non-interest income also strengthened during the period, supported by growth in fee-based businesses and investment income.
Fee and commission income rose to N241.65 billion from N168.57 billion, while net fee and commission income increased to N178.51 billion from N138.70 billion.
Foreign exchange activities contributed N44.15 billion, while net gains on investment securities increased to N60.62 billion from N7.31 billion.
Dividend income rose to N11.33 billion from N10.20 billion, and other operating income improved to N130.67 billion compared with N103.15 billion in the corresponding period of 2025.
Despite higher operating expenses, the group’s earnings growth remained robust.
Operating expenses increased to N384.55 billion from N346.29 billion, while personnel expenses rose to N180.28 billion from N170.94 billion.
Depreciation, amortisation and impairment charges also increased to N43.28 billion from N35.46 billion.
Consequently, operating profit advanced sharply to N651.98 billion from N355.98 billion in the corresponding period of last year.
The group reported a tax charge of N127.28 billion, compared with N72.38 billion in the first half of 2025.
Basic earnings per share rose to N11.74 from N6.84 recorded in the corresponding period last year, reflecting the strong improvement in profitability.
The statement of financial position showed continued balance sheet expansion.
Total assets grew to N30.65 trillion as of June 30, 2026, from N27.25 trillion at the end of December 2025, representing an increase of approximately 12.5 per cent.
Loans and advances to customers increased to N9.51 trillion from N8.97 trillion, while investment securities rose to N9.23 trillion from N6.97 trillion.
Cash and balances with central banks stood at N5.07 trillion, while total deposits from customers increased to N21.93 trillion from N18.88 trillion at the end of 2025.
Total liabilities rose to N27.02 trillion from N23.95 trillion, while shareholders’ equity strengthened to N3.63 trillion compared with N3.30 trillion at December 31, 2025.
The group’s retained earnings increased to N921.72 billion from N401.80 billion, underscoring the impact of the strong earnings recorded during the reporting period.
On cash flow, First HoldCo generated net cash of N502.01 billion from operating activities during the first half of 2026, a significant improvement from a net cash outflow of N1.01 trillion in the corresponding period of 2025.
However, net cash used in investing activities stood at N869.28 billion, while financing activities recorded a net cash outflow of N305.81 billion.
Overall, cash and cash equivalents closed the period at N3.60 trillion, compared with N4.87 trillion recorded at the end of June 2025.
The half-year performance shows the group’s resilience amid Nigeria’s evolving macroeconomic environment, with sustained growth in core banking income, stronger fee generation, expanding asset base and improved profitability positioning the financial services group for a stronger full-year performance in 2026.
