KEY POINTS

• First Holdco’s profit after tax rose 65.11% to ₦744.45bn in the nine months ended September 30, 2026.
• Profit before tax increased 60.84% to ₦911.24bn.
• Interest income fell 8.69% to ₦2.09tn from ₦2.29tn a year earlier.
• Earnings per share climbed to ₦16.45 from ₦10.65.
• Investors will be watching loan repayment performance, operating costs and dividend plans for clues about future returns.

MAIN STORY

First Holdco Plc increased its profit after tax by 65.11% to ₦744.45bn in the nine months ended September 30, 2026, despite earning less from interest than it did in the same period last year.

The unaudited results showed that profit after tax rose from ₦450.87bn in the corresponding period of 2025. Profit before tax also increased by 60.84% to ₦911.24bn from ₦566.54bn.

However, interest income, which is money earned mainly from lending and other interest-generating activities, fell by 8.69% to ₦2.09tn from ₦2.29tn a year earlier.

The increase in profit despite lower interest income suggests that other parts of the group’s financial performance helped support its earnings. The figures provided, however, do not show which factors contributed most to the improvement.

Earnings per share, which indicates how much profit is attributable to each ordinary share, rose to ₦16.45 from ₦10.65. The increase gives shareholders a measure of how the group’s earnings have improved on a per-share basis.

First Holdco’s share price was reported at ₦135. The share price and earnings figures provide investors with information to assess the company’s performance, although earnings growth alone does not determine how the shares will perform in the market.

THE ISSUES

The main question for investors is whether First Holdco can sustain its stronger profits while interest income is declining. Continued growth will depend partly on how well the group manages its lending activities, operating expenses and other sources of income.

Loan repayment is another important consideration. If more borrowers struggle to repay their loans, the group could face higher costs from unpaid debts. Investors will therefore want to see whether the improvement in profits is supported by healthy loan repayments and careful cost management.

The group’s dividend policy will also remain in focus. A stated 60% dividend policy could influence expectations about how much of its earnings may be returned to shareholders, but the actual payment will depend on the applicable policy terms, approvals and any formal dividend announcement.

WHAT’S NEXT

Investors will be watching First Holdco’s full-year results for evidence that profit growth can continue. Particular attention is likely to fall on interest income, loan repayment performance, operating costs and any dividend announcement.

The group’s next results should help clarify whether the strong increase in profit reflects improvements that can be maintained beyond the first nine months of 2026.

BOTTOM LINE

First Holdco earned less interest income but recorded substantially higher profits in the first nine months of 2026. Whether that growth translates into lasting financial strength and stronger shareholder returns will depend on the quality of its earnings, cost management and dividend decisions.