FirstHoldco reports 60.8% profit rise amid share price decline

FirstHoldco Plc has reported a 60.84% year-on-year increase in group profit before tax, reaching N911.24 billion for the nine months ended September 30, 2026. This growth was driven by stronger fee and commission income, gains from financial instruments, and a 28.32% reduction in impairment charges, which helped offset a 16.02% decline in net interest income.

Despite the strong earnings report, the company’s share price fell approximately 20.6% from its recent all-time high of N165 to N131. This decline followed a period of intense buying and subsequent profit-taking by investors. The market capitalization of the financial services group has dropped from over N7.5 trillion to below N6 trillion as demand slowed ahead of the official earnings announcement.