First HoldCo’s nine-month profit leaps 63% to N744.5 billion

First HoldCo Plc logged a 65.1 per cent rise in internet profit within the first 9 months of 2026, relative to the identical interval of final yr, in accordance to its newest unaudited outcomes issued on Friday, boosted by a common enchancment throughout its revenue sources

The monetary providers group posted the robust outcomes as gross earnings climbed to N2.9 trillion from N2.7 trillion a yr in the past, thanks to elevated contribution of its industrial banking enterprise to its income pool.

The industrial banking division accounted for 94 per cent of turnover and 87.4 per cent of post-tax profit.

Net curiosity revenue, the distinction between the curiosity banks earn on interest-bearing property and what they pay depositors and account holders, fell 16 per cent to N1.3 trillion.

Interest expense as a share of curiosity revenue rose to 39.8 per cent from 34.5 per cent a yr in the past, indicating elevated price strain on internet curiosity revenue.

The banking group put aside N207.1 billion to cowl impaired property, 28.3 per cent decrease than the quantity it provisioned for a similar function within the corresponding interval of final yr.

Net price and fee superior 48.1 per cent to N316.4 billion, pushed by improved monetary advisory charges and better revenue from brokerage and intermediation.

The efficiency additionally benefited from a 19.9 per cent surge in international alternate beneficial properties and a 26 per cent rise in internet beneficial properties on the sale of funding securities.

Also boosting profit, First HoldCo posted N104.6 billion in internet beneficial properties from monetary devices at FVTPL, up from a N72.8 billion loss a yr in the past.

Other working revenue expanded by practically sixfold to N142.1 billion.

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Beyond improved revenue era, the robust outcomes additionally benefited from cost-cutting measures.

The banking group lower personnel bills by 3.4 per cent and different working bills by 12.8 per cent, largely by decreasing spending on promoting and company promotions.

Profit earlier than tax rose 60.8 per cent to N566.5 billion, whereas profit after tax rose to N744.5 billion from N450.9 billion.

Total property rose to N32.2 trillion from N27.3 trillion as of the tip of final yr.

In July, First HoldCo’s board of administrators introduced a coverage to pay a minimum of 60 per cent of the group’s profit after tax as annual dividends.

The monetary establishment mentioned the transfer highlights its administrators’ confidence in its earnings capability, enhanced capital place, enhancing asset high quality, diversified income streams, and strong outlook for sustained profitability and progress