First HoldCo Profit Jumps 65% to N744bn in Nine Months as Shares Hit the 10% Daily Limit
First HoldCo profit after tax rose 65% to N744.45bn in nine months to September, sending shares up the 10% daily limit to N144.10 on the NGX on Friday.
First HoldCo shares rose by the daily maximum of 10% on Friday, 23 October, closing at N144.10 on the Nigerian Exchange after the group reported a sharp jump in nine-month profit. The First HoldCo profit figures, released for the period to 30 September 2026, show earnings growing far faster than at most of its listed peers, according to Nairametrics.
The move took the lender's market value to about N6.5 trillion, Nairametrics reported. It also put the stock back on a path towards its 2026 high of N165, which it reached before a pullback in recent weeks.
What the First HoldCo profit numbers show
The unaudited results cover the nine months to 30 September 2026. The headline lines, as reported by Nairametrics, are:
- Profit before tax: N911.24 billion, up 60.84% from N566.54 billion in the same period of 2025.
- Profit after tax: N744.45 billion, up 65.11% from N450.87 billion a year earlier.
- Third quarter alone: profit before tax of N257.71 billion, up 22.49% from N210.39 billion in the third quarter of 2025.
The gap between the nine-month growth rate and the third-quarter growth rate matters. Most of the year's jump came in the first half. Third-quarter profit still grew, but at roughly a third of the pace of the full nine months.
Where the growth came from
Net interest income fell over the period, according to the report, which did not give a figure. That is notable for a bank, because lending margins are normally the main source of profit. The increase instead came from four other lines:
- Higher fee and commission income.
- Gains on financial instruments.
- Higher other operating income.
- Lower impairment charges on loans.
The last point is tied to what happened in 2025. The group took large write-offs that year as it cleaned up non-performing loans to meet Central Bank of Nigeria prudential requirements, then recapitalised and restructured. A lower impairment bill this year partly reflects that earlier clean-up. It is a real improvement, but it is also a comparison against a weak base.
Why investors bid the stock up
A 10% gain is the most a Nigerian stock can rise in one session under NGX price rules, so Friday's close was capped rather than a natural top. Three things appear to explain the buying.
First, the profit growth is large in absolute terms. A N744 billion nine-month profit puts First HoldCo among the biggest earners in Nigerian banking this year.
Second, it reported early. Nairametrics noted that UBA, Access Holdings and Fidelity Bank had not yet released half-year results, citing pending CBN approval, while GTCO and Zenith Bank had published half-year numbers but not nine-month figures. In a market short of fresh bank data, First HoldCo's release stood out.
Third, the ownership story has kept the stock in the news. Femi Otedola is the largest shareholder with about 26.71% of the group, according to Nairametrics.
The risks behind the rally
The results also carry warnings for anyone reading them closely.
- Falling net interest income. If the core lending business is shrinking while fees and trading gains carry profit, earnings can be more volatile from quarter to quarter.
- Easing interest rates. Nigerian banks face pressure as rates come down, which tends to squeeze what they earn on loans and government securities. We covered the backdrop in our report on falling private sector credit after the CBN's rate cut.
- A fading FX windfall. Nairametrics notes that banks face pressure from a fading foreign-exchange windfall. Revaluation gains from the naira's earlier slide flattered many bank results in past years, and that support is shrinking.
- Slower third quarter. The step down from 60% nine-month growth to 22% third-quarter growth suggests the pace is already cooling.
How First HoldCo fits the wider bank picture
Nigeria's lenders are in the middle of a recapitalisation cycle set by the CBN, and investors have been sorting banks into those that have finished raising capital and cleaning up their books and those that have not. First HoldCo's 2025 write-offs and restructuring put it in the first group earlier than some rivals, which helps explain why its 2026 profit comparison looks so strong.
The test now is the full-year number and the next round of disclosures from peers. When UBA, Access and Fidelity publish, investors will be able to judge whether First HoldCo is pulling ahead or simply reporting first.
What to watch next
- Whether the stock holds above N144 next week once the 10% cap no longer limits trading.
- Any breakdown of fee income and instrument gains in the full financial statements.
- Results from UBA, Access Holdings and Fidelity Bank once the CBN approvals arrive.
- Further changes in the shareholder register.
Figures are from the group's unaudited nine-month results as reported by Nairametrics. This article is not investment advice.
