Nigeria’s Oldest Bank Becomes Most Valuable Lender as Shares Soar

First HoldCo Plc, parent of Nigeria’s oldest banking lender, has become the country’s most valuable listed lender after overtaking Guaranty Trust Holding Company (GTCO) and Zenith Bank in market capitalisation, according to Markets Reporters analysis of Nigerian Exchange (NGX) data on Monday.

Shares of the group surged by 9.95 percent to N105.5 at the close of trading on Monday, lifting its market capitalisation to N4.798 trillion from N4.36 trillion on Friday.

The rally pushed the parent company of First Bank ahead of GTCO, whose market value stood at N4.714 trillion, and Zenith Bank, which closed at N4.792 trillion, making FirstHoldCo the most valuable banking group on the NGX.

The sharp gain came hours after the company released its 2026 first-half earnings, reporting a near doubling of profit after tax as improved asset quality, lower credit impairment charges and strong trading income offset weaker interest earnings in a high interest-rate environment.

The group posted a profit after tax of N526.13 billion for the six months ended June, an 81.6 percent increase from N289.77 billion recorded in the corresponding period of 2025. Profit attributable to shareholders also climbed to N522.66 billion, up from N286.40 billion a year earlier.