First HoldCo's Shares Surge 10% After Profit Growth

First HoldCo Plc’s share price rose by 10% on Friday, closing at N144.10, following the release of its nine-month financial results. The unaudited statements revealed a 60.84% year-on-year increase in profit before tax, amounting to N911.24 billion for the nine months ending September 30, 2026, compared to N566.54 billion in the same period of 2025.

The results indicated higher pre-tax and after-tax earnings despite a contraction in net interest income during the reporting period. This positive performance comes after a challenging 2025, where the bank faced significant write-offs due to the Central Bank of Nigeria’s prudential requirements for non-performing loans.

Following recapitalization and operational restructuring, First HoldCo returned to stronger profitability in 2026. The bank's market capitalization now stands at approximately N6.5 trillion, although its stock price remains below the N165 high recorded earlier in the year.

Other Nigerian banks are still awaiting regulatory clearance to publish their half-year financial statements.