First HoldCo Plc, the non-operating financial holding company of Nigeria’s oldest bank, FirstBank, spent ₦82.6 billion on IT maintenance in the first nine months of 2026, representing a year-on-year increase of 21.4%.
However, electronic banking revenue grew by just 6.3%, from ₦68.80 billion in the first nine months of 2025 to ₦73.16 billion in the period under review.
This is contained in First HoldCo Plc’s unaudited financial statements for the nine months ended September 30, 2026.
Breaking down First HoldCo’s technology and operating expenses
In the third quarter of 2026 alone, First HoldCo incurred ₦23.78 billion in IT maintenance expenses, bringing its cumulative expenditure on maintaining technology systems and infrastructure to ₦82.57 billion between January and September.
- This compares with ₦68.01 billion recorded during the corresponding nine-month period of 2025, indicating that the banking group’s IT maintenance costs increased by approximately ₦14.56 billion within one year.
Beyond technology maintenance, the group spent ₦40.29 billion on communication, light and power during the period, representing a 13.1% increase from ₦35.61 billion in the first nine months of 2025.
Despite the increase in these expenditure categories, First HoldCo’s overall operating expenses declined by 12.8%, from ₦596.04 billion to ₦519.69 billion.
The increase in IT maintenance spending comes against a more modest expansion in electronic banking fee income, which covers revenue generated from electronic banking services.
- According to the financial statements, the group earned ₦22.12 billion from electronic banking fees in the third quarter, bringing its nine-month total to ₦73.16 billion.
The figure represents an increase of ₦4.36 billion over the corresponding period of 2025, significantly below the ₦14.56 billion year-on-year increase recorded in IT maintenance expenditure.
While both figures reflect aspects of the group’s technology-related operations, IT maintenance supports a broader range of banking activities beyond the electronic services from which these fees are generated.
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First HoldCo’s financial performance
Despite the decline in interest earnings, First HoldCo recorded a 65.1% increase in profit after tax to ₦744.45 billion in the first nine months of 2026, compared with ₦450.87 billion in the corresponding period of 2025.
- The group’s gross revenue rose by 8.79% to ₦2.87 trillion from ₦2.64 trillion, although interest income declined by 8.69% to ₦2.09 trillion, while net interest income fell by 16.02% to ₦1.26 trillion.
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However, earnings from fees and commissions strengthened, with net fee and commission income increasing by 48.08% to ₦316.43 billion from ₦213.69 billion.
This category includes income from electronic banking, funds transfers, account maintenance and other financial services, highlighting the contribution of transaction-based activities to the group’s earnings.
- The improved performance was also supported by a 28.32% reduction in impairment charges to ₦207.10 billion, alongside a 60.69% increase in operating profit to ₦909.36 billion.
Meanwhile, First HoldCo’s total assets expanded by 18.15% to ₦32.20 trillion as of September 2026, while customer deposits grew by 21.32% to ₦22.91 trillion, reflecting an expansion in the group’s balance sheet during the nine-month period.