FirstHoldco Soars on Earnings Beat, Otedola, RC Hold 50% of All Shares
With 2 entities now controlling about 50% of outstanding shares, FirstHoldco shareholders increased their bet on the company following an impressive third-quarter earnings performance.
FirstHoldco Plc released its unaudited nine months of 2026 financial report on the Nigerian Exchange, showing an impressive bottom line amid moderated interest-related earnings.
The share price rose 10%, the maximum allowable repricing on the Nigerian Exchange, as the group delivered about a 63% year-on-year surge in profitability.
First Bank of Nigeria Limited’s non-operating holding company had been declining without a catalyst to drive a re-rating. The stock surged 10%, lifting the group’s market value to N6.552 trillion, according to Nigerian Exchange trading data.
In its unaudited financial statement for 9M 2026, the group’s profit rose 62.55% year on year to N744.612 billion, up from N450.868 billion in the similar period in 2025.
The bottom line came in stronger despite a sharp decline in the financial services company’s interest-earning activities. FirstHoldco reported a 16% year-on-year decline in net interest income in the first nine months of financial year 2026, settling at N1.26 trillion from N1.50 trillion in the equivalent period in 2025.
Net fee and commission income bridged the gap created by a slowdown in interest earnings from the combination of loans and advances and investment in securities.
FirstHoldco reported N316.429 billion in net fee and commission income at the end of the third quarter of 2026, up by 48.1% year on year from N213.694 billion reported 12 months earlier.
Substantial shareholding in FirstHoldco has inched to about 50%, with Femi Otedola now controlling 26.71% while RC Investment Management Limited holds 22.94%. CBN Allots to Match as OMO Bills Subscription Hits N2.7trn
Watch out for the full earnings review.
