First HoldCo reports 65% surge in nine-month profit

First HoldCo Plc reported a 65.1% increase in profit after tax, reaching N744.45 billion for the nine months ended September 30, 2026. This represents a significant rise from N450.87 billion during the same period in 2025.

Profit before tax grew by 60.8% to N911.24 billion. While net interest income declined by 16% to N1.26 trillion due to falling interest income and rising funding costs, the group saw substantial growth in non-interest activities. Non-interest income surged 143.5% to N722.9 billion, driven by a 48.1% increase in net fee and commission income and higher foreign exchange gains.

The group also reported improved operating efficiency, with the cost-to-income ratio dropping to 43.7% from 52.4%. Credit impairment charges decreased by 28.3% to N207.10 billion, and total assets reached N32.20 trillion. Management noted that the group is transitioning toward a more resilient, capital-supported growth phase with a more diversified revenue mix.