Shares of First HoldCo Plc rose 10 per cent on Friday, October 23, closing at ₦144.10 on the Nigerian Exchange (NGX) after the financial services group reported strong earnings growth for the nine months ended September 30, 2026.
The rally lifted the company’s market capitalisation to approximately ₦6.5 trillion, adding about ₦550 billion to its market value in a single trading session.
First HoldCo’s unaudited financial results showed that profit before tax increased by 60.84 per cent to ₦911.24 billion, compared with ₦566.54 billion recorded during the corresponding period of 2025.
Profit after tax also climbed by 65.11 per cent to ₦744.45 billion from ₦450.87 billion a year earlier.
The group’s performance was supported by stronger fee and commission income, gains from financial instruments, higher other operating income and lower impairment charges.
However, net interest income declined by 16.02 per cent to ₦1.26 trillion, reflecting pressure on earnings from traditional interest-based banking activities.
The latest results indicate a significant recovery following the substantial loan-related write-offs recorded in 2025 as part of regulatory prudential requirements.
Despite the strong earnings performance, sustaining profitability will depend on the group’s ability to manage credit risks, strengthen recurring income and maintain growth in its core banking operations.
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