FirstHoldCo Plc has officially emerged as Nigeria’s most valuable banking group by market capitalization. Driven by a 9.95% single-day stock surge to ₦105.50 per share following its first-half 2026 earnings release, the parent company of First Bank of Nigeria saw its market valuation climb to ₦4.798 trillion.
The rally allowed FirstHoldCo to surpass Zenith Bank (₦4.793 trillion) and Guaranty Trust Holding Company (GTCO ₦4.714 trillion). The milestone extends FirstHoldCo’s sector-leading year-to-date return to +120%, capping an institutional re-rating following the complete cleanup of its legacy credit provisions.
H1 2026 Scorecard: Profitability Outperformance
The valuation jump was propelled by a strong H1 2026 financial release, showing substantial top-line and bottom-line growth across all core operating metrics.
A key driver behind the group’s performance was the expansion of its Net Interest Margin (NIM) to 9.5%. By disciplined pricing of its interest-bearing assets while keeping funding costs down via low-cost current and savings accounts (CASA), the bank protected its interest spreads in a high Monetary Policy Rate (MPR) environment.
Simultaneously, the non-interest income line grew to ₦497.1 billion. This non-funded income buffer was supported by high volume growth across electronic banking applications, trade services, brokerage desks, and wholesale fund transfer rails.
Following its 2025 balance-sheet cleanup, FirstHoldCo enters the second half of the year with improved asset quality metrics, lower impairment charges, and an expanding capital base. These fundamentals position the group well ahead of the Central Bank of Nigeria’s final recapitalization deadlines.
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