First HoldCo Plc reported a strong start to the 2026 financial year after profit for the period rose to ₦267.8 billion in the first quarter (Q1) ended March 31, 2026 from ₦171.1 billion recorded in the corresponding period of 2025.
The group’s profit growth of over 56 percent helped offset significant fair value losses recorded during the quarter as total comprehensive income rebounded to ₦170.2 billion compared to a comprehensive loss of ₦62.2 billion posted in Q1 2025.
According to the group’s unaudited financial statement, the strong earnings performance was driven by sustained expansion across core banking operations, growth in loans and advances to customers and improved retained earnings position.
Despite the strong profitability, First HoldCo recorded a total other comprehensive loss of ₦97.6 billion during the quarter.
The decline was largely linked to a ₦116.8 billion negative movement in fair value reserves on debt instruments classified under fair value through other comprehensive income (FVOCI).
However, foreign currency translation gains of ₦20.7 billion helped moderate the pressure from valuation losses.
The group’s retained earnings climbed sharply to ₦667.95 billion as of March 2026 from ₦401.8 billion recorded at the end of December 2025, indicating the impact of stronger profitability and internal capital generation.
Total assets stood at ₦26.88 trillion at the end of the first quarter, slightly lower than ₦27.25 trillion recorded at the end of 2025.
Loans and advances to customers increased to ₦9.44 trillion from ₦8.97 trillion, indicating continued credit expansion across the group’s banking operations.
Investment securities declined from ₦6.97 trillion to ₦6.58 trillion during the review period, while cash and balances with central banks eased to ₦4.90 trillion from ₦5.07 trillion.
On the liability side, deposits from customers remained strong at ₦18.38 trillion despite a slight decline from ₦18.88 trillion reported at the end of December 2025.
Borrowings dropped significantly from ₦1.94 trillion to ₦1.36 trillion, suggesting improved liquidity management and possible debt repayment efforts by the group.
Shareholders’ funds strengthened during the quarter as total equity rose to ₦3.47 trillion from ₦3.30 trillion recorded at the end of 2025.
The increase in equity was supported by growth in retained earnings and foreign currency translation reserves, which rose to ₦706.8 billion from ₦686.1 billion.
The company-level performance also improved significantly as First HoldCo Company posted profit after tax of ₦23.55 billion compared to ₦3.49 billion recorded in the corresponding period of 2025.
Total comprehensive income at the company level stood at ₦23.53 billion against ₦3.85 billion posted in Q1 2025.
The latest performance underscores the group’s continued earnings resilience despite valuation pressures from financial instruments and broader macroeconomic uncertainties impacting the banking sector.
