First HoldCo's Recoveries Jump 1,503% to N94.31 Billion

First HoldCo Plc reported a significant increase in recoveries, surging by 1,502.8% to N94.31 billion for the nine months ending September 30, 2026, compared to N5.88 billion in the same period of 2025. However, recoveries in the third quarter fell sharply to N2.42 billion, accounting for only 2.6% of the total.

An analysis of the unaudited financial statements revealed that N91.89 billion of the recoveries occurred in the first half of the year. The Group's profit before tax also rose by 60.84% to N911.24 billion from N566.54 billion year-on-year.

The recoveries were classified under other operating income, which increased to N142.06 billion from N23.83 billion in the previous year. The financial statements did not specify the borrowers or loan portfolios involved.

Chairman Otedola attributed the previous deterioration in the loan book to weaknesses in credit governance and borrower defaults, while noting that increased recoveries indicate progress in the Group's restructuring efforts. Impairment charges decreased by 28.3% to N207.10 billion in 9M 2026 from N288.92 billion in the same period of 2025.