First HoldCo shares jump 10% as nine-month pre-tax profit hits N911.24bn

First HoldCo Plc’s share price gained 10% on Friday to close the week at N144.10 after the group released its nine-month results. The gain lifted its market capitalisation to about N6.5 trillion.

The unaudited financial statements showed a 60.84% year-on-year rise in profit before tax to N911.24 billion for the nine months ended September 30, 2026. That compares with N566.54 billion in the corresponding period of 2025.

Profit rises across key lines

In the third quarter alone, pre-tax profit rose 22.49% to N257.71 billion, up from N210.39 billion in Q3 2025. Profit after tax for the nine months increased 65.11% to N744.45 billion, from N450.87 billion in the same period of 2025.

Stronger fee and commission income, gains from financial instruments and higher other operating income supported the earnings. Lower impairment charges also helped profitability. These factors offset a decline in net interest income, allowing the group to record higher pre-tax and after-tax earnings despite the contraction.

Rebound after 2025 write-offs

The results followed a difficult 2025, when the bank recorded significant write-offs in line with Central Bank of Nigeria prudential requirements for non-performing loans. The bank has since recapitalised and restructured its operations, returning to stronger profitability in 2026. Its shares have risen sharply this year, climbing from a N46 opening level to a high of N165 per share before the recent pullback. Friday’s 10% gain followed that pullback, leaving the stock below its N165 high for the year.

Billionaire investor Femi Otedola remains the largest shareholder with about 26.71%, compared with an earlier 16.1% holding.

Bank earnings under pressure

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 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.