Executive Summary
The first half of 2026 was a transitional, high-stakes period for Nigeria’s Tier-1 banking sector, characterized by a divergence in performance metrics driven by rising deposit funding costs, massive tax hits, and varying reliance on non-interest income.
While gross revenues remained massive across the board, the explosive year-on-year profit surges seen in previous years softened into a mixed earnings bag. Notably, the traditional “FUGAZ” structure continued to evolve.
First HoldCo Plc
First HoldCo Plc (FBNH), Nigeria’s oldest financial group, delivered the strongest half-year performance in the Group’s history for H1 2026, driven by a massive surge in non-interest income and successful balance sheet restructuring.
The HoldCo pivoted decisively from its previous recovery phase toward disciplined, capital-restored growth under the leadership of Group Chairman Femi Otedola and GMD Wale Oyedeji.
Core Income & Profitability Metrics
Gross Earnings climbed 16.7% year-on-year to N1.93 trillion, up from N1.66 trillion in H1 2025, while Profit Before Tax (PBT) surged 83.5% to N653.5 billion compared to N356.1 billion in the same period last year. Profit After Tax (PAT) increased by 81.6% to N526.1 billion. Earnings Per Share (EPS) jumped to N11.74 per share, up from N6.84 in H1 2025, even with an enlarged share count from corporate capital raises.
Strategic & Operational Highlights
While core net interest income experienced a slight contraction of 2.84% to N879.1 billion, non-interest income exploded by 162.5% to N497.1 billion. Growth was heavily anchored by transaction banking, brokerage, electronic banking, and treasury fees. The bank’s cost-to-income ratio significantly improved to 44.2% (down from 50.5% in H1 2025), demonstrating strict operating discipline as revenue growth aggressively outpaced costs.
Loan impairment charges dropped by 37.4% to N116.1 billion. Backed by disciplined execution, the group recorded N91.9 billion in recoveries from legacy exposures (primarily oil and gas assets).
Balance Sheet Strength & Capital Adequacy
Total Assets expanded to N30.65 trillion as of June 30, 2026, up from N27.25 trillion at the end of December 2025. Customer deposits grew to N21.93 trillion, while net loans and advances stood at N9.51 trillion. FirstBank’s capital position was successfully restored ahead of schedule to 16.7%, pushing past the regulatory 15.0% ceiling. This was fortified by a N45 billion private placement capital injection and strong retained earnings. The HoldCo’s Liquidity Ratio was positioned strongly at 52.2%. The key financial performance and asset quality ratios for First HoldCo Plc (formerly FBN Holdings Plc) for the unaudited half-year period ended June 30, 2026, are detailed below. Underlying Financial Metrics.
Provided by SyndiGate Media Inc. ( Syndigate.info ).
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