First HoldCo's nine-month profit rises 65.1% despite lower net interest income

First HoldCo reported group profit after tax of ₦744.45 billion for the nine months ended 30 September 2026, compared with ₦450.87 billion a year earlier. That represents growth of about 65.1%, calculated from the figures in its unaudited NGX filing. The board approved the statements on 23 October.

Profit before tax increased to ₦911.24 billion from ₦566.54 billion. The improvement did not come from stronger net interest earnings: net interest income fell to ₦1.26 trillion from ₦1.50 trillion.

Net fee and commission income rose to ₦316.43 billion from ₦213.69 billion, while impairment charges fell to ₦207.10 billion from ₦288.92 billion. Nairametrics' report on the results also identified stronger non-interest income and lower credit charges as support for profit.

What this means for Nigeria

FXRates.ng's interpretation is that the headline profit increase should be read alongside the pressure on core interest earnings. For readers following Nigerian banking, the distinction matters: a larger bottom line does not mean every operating revenue stream improved.

These are historical, unaudited nine-month results, not a full-year forecast or evidence of a subsequent share-price move. The next reporting periods will provide further evidence about whether the earnings mix is sustained.