First HoldCo Plc recorded a 65.1 per cent increase in profit after tax to N744.5 billion in the first nine months of 2026, up from N450.9 billion in the corresponding period of 2025, according to its latest unaudited financial results released on Friday.
The financial services group’s performance was supported by improved income from several business segments, particularly its commercial banking division, which accounted for 94 per cent of turnover and 87.4 per cent of profit after tax.
Gross earnings rose to N2.9 trillion from N2.7 trillion recorded a year earlier, reflecting increased contributions from its commercial banking operations.
However, net interest income, which represents the difference between interest earned on loans and other interest-bearing assets and interest paid on deposits, declined by 16 per cent to N1.3 trillion.
Interest expense as a proportion of interest income increased to 39.8 per cent from 34.5 per cent in the corresponding period of the previous year, highlighting mounting cost pressures on the group’s net interest income.
The banking group set aside N207.1 billion for impaired assets, representing a 28.3 per cent reduction from the amount provisioned in the same period last year.
Net fees and commission income increased by 48.1 per cent to N316.4 billion, driven by higher financial advisory fees and increased earnings from brokerage and intermediation services.
The group also benefited from a 19.9 per cent increase in foreign exchange gains and a 26 per cent rise in net gains from the sale of investment securities.
In addition, First HoldCo recorded N104.6 billion in net gains from financial instruments measured at fair value through profit or loss (FVTPL), compared with a net loss of N72.8 billion a year earlier.
Other operating income surged nearly sixfold to N142.1 billion.
Beyond the improvement in income, cost-cutting measures also supported the group’s earnings. Personnel expenses fell by 3.4 per cent, while other operating expenses declined by 12.8 per cent, largely due to reduced spending on advertising and corporate promotions.
Profit before tax rose by 60.8 per cent to N566.5 billion, while total assets increased to N32.2 trillion from N27.3 trillion at the end of 2025.
In July, First HoldCo’s board of directors announced a policy to distribute at least 60 per cent of the group’s annual profit after tax as dividends.
The group said the policy reflected the board’s confidence in its earnings capacity, stronger capital position, improving asset quality, diversified revenue streams and prospects for sustained profitability and growth.