FirstHoldCo has reported gross earnings of N1.93 trillion and a profit before tax (PBT) of N653.5 billion for the first half of 2026, signaling strong operational performance across its financial services portfolio.
The results were accompanied by a positive credit development for the group's subsidiary, Axxela.
Global Credit Rating (GCR) upgraded Axxela's national scale long-term issuer rating to A+(NG) and assigned a stable outlook, reflecting confidence in the company's financial resilience and market position.
The earnings release underscores the continued strength of Nigeria's financial sector amid broader economic adjustments.
FirstHoldCo's ability to generate substantial pre-tax profits in the first six months suggests effective management of investment returns and operational costs, even as the wider market navigates inflationary pressures and regulatory changes.
The credit upgrade for Axxela is likely to support the subsidiary's borrowing capacity and potentially lower its cost of capital, providing a tailwind for future expansion plans.