First HoldCo Plc, led by Nigerian billionaire Femi Otedola, delivered a strong set of earnings for the first half of 2026 as higher operating income and lower credit-loss provisions lifted profitability. According to its financial statements for the six months ended June 30, 2026, pre-tax profit rose to N653.54 billion ($473.8 million) from N356.15 billion ($258.2 million) in the same period a year earlier, highlighting stronger earnings across the group’s core businesses.

Non-interest income, trading gains lift earnings

The stronger performance reflects First HoldCo’s growing ability to generate income beyond traditional lending. Although net interest income eased slightly to N879.13 billion ($637.3 million) from N904.83 billion ($655.9 million) a year earlier, the decline was more than offset by broad-based growth in non-interest income.

Fee and commission income increased to N214.66 billion ($155.6 million) from N168.57 billion ($122.2 million), supported by higher transaction volumes and continued activity across its banking operations. At the same time, the group recorded N65.79 billion ($47.7 million) in net gains from financial instruments measured at fair value through profit or loss, a sharp turnaround from the N53.67 billion ($38.9 million) loss reported during the corresponding period last year. Another key contributor to earnings was a lower credit impairment charge.

Provisions for credit losses fell to N116.14 billion ($84.2 million) from N185.40 billion ($134.4 million) a year earlier, pointing to improved asset quality and disciplined credit risk management. Commercial banking remained the group’s biggest earnings engine, contributing N590.47 billion ($428.1 million) in pre-tax profit during the period. The investment banking and asset management business added N27.97 billion ($20.3 million), reflecting steady contributions from the group’s diversified operations.

Billionaire Femi Otedola’s stake and leadership impact

The impressive financial scorecard comes under the strategic direction of Nigerian billionaire Femi Otedola, who leads First HoldCo as the Group Chairman. His considerable confidence in the financial institution is directly reflected in his substantial shareholding.

As of the end of the reporting period, Otedola holds a commanding stake in the financial services group, controlling a direct holding of 3.25 billion units, which represents 7.15 percent of the company’s issued share capital. Furthermore, his indirect holdings amount to 6.03 billion units, accounting for an additional 13.25 percent. In total, the billionaire holds an excess of 20.4 percent of the banking giant, cementing his position as the primary driving force behind the group’s renewed market dominance and strategic growth initiatives.

Assets and equity post strong growth

First HoldCo Plc continues to operate as a leading financial powerhouse, managing vast operations across commercial banking, investment banking, asset management, and trusteeship. The group’s total assets rose to N30.65 trillion ($22.22 billion) by June 30, 2026, expanding from N27.25 trillion ($19.76 billion) at the end of December 2025. This balance sheet expansion was fuelled by a sharp increase in deposits from customers, which surged to N21.93 trillion ($15.90 billion) from N18.88 trillion ($13.69 billion), highlighting deep-seated consumer trust and an expanding retail footprint across its operating regions.

Meanwhile, shareholders’ equity climbed to N3.63 trillion ($2.63 billion) from N3.30 trillion ($2.39 billion). Retained earnings grew significantly to N921.72 billion ($668.2 million) from N401.80 billion ($291.3 million), reinforcing the group’s solid capitalization. By maintaining a strict focus on maximizing pre-tax earnings through diversified income lines—including a major leap in other operating income to N136.67 billion ($99.1 million)—the Otedola-led institution continues to set formidable benchmarks within the African financial services sector.