First HoldCo Plc’s share price gained 10% on Friday to close the week at N144.10 following the release of its nine-month results.
The group’s unaudited financial statements showed a 60.84% year-on-year increase in profit before tax to N911.24 billion for the nine months ended September 30, 2026.
The share-price gain lifted its market capitalisation to about N6.5 trillion. Market data
First HoldCo reported group profit before tax of N911.24 billion for the nine months ended September 30, 2026, compared with N566.54 billion in the corresponding period of 2025. The results also showed higher pre-tax profit in the third quarter and an increase in profit after tax over the nine-month period.
The group therefore recorded higher pre-tax and after-tax earnings despite the contraction in net interest income during the nine-month reporting period. Earnings report
First HoldCo’s results followed a difficult 2025, when the bank recorded significant write-offs in line with the Central Bank of Nigeria’s prudential requirements for non-performing loans. Since then, the bank has recapitalised and restructured its operations, returning to stronger profitability in 2026.
The latest results place the bank’s recovery from the previous year’s write-offs alongside a substantial rise in its share price during 2026, although the stock remains below its N165 high for the year.
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 other lenders are still awaiting regulatory clearance to publish their half-year financial statements.
