First Holdco PlcNSENG: FIRSTHOLDCO

Unaudited financial statements for the period ended 31 march 2026

May 7, 2026 at 5:28 PM UTC · Issued by First HoldCo Plc

First HoldCo Plc

Consolidated and Separate Financial Statements for the Period Ended 31 March 2026

First HoldCo Plc DIRECTORS AND ADVISORS

DIRECTORS:

Olufemi Otedola, CON Group Chairman

Adebowale Oyedeji Group Managing Director

Abiodun Oluwole Fatade Non-Executive Director

Alimi Abdul-Razaq Independent Non-Executive Director

Peter Aliogo Independent Non-Executive Director

Kofo Dosekun Independent Non-Executive Director

Julius B. Omodayo-Owotuga Non-Executive Director

Olusegun Alebiosu Non-Executive Director

GROUP COMPANY SECRETARY: Abiola Baruwa

REGISTERED OFFICE: Samuel Asabia House 35, Marina

Lagos

AUDITOR: KPMG Professional Services

KPMG Tower, Bishop Aboyade Cole Street Victoria Island, Lagos

Telephone: +234 271 8955 Website: https://www.kpmg.com/ng

REGISTRAR:

Meristem Registrars & Probate Services Limited 213 Herbert Macaulay Way

Yaba, Lagos

BANKERS: First Bank of Nigeria Limited 35 Marina,

Lagos

Quest Merchant Bank Limited 2, Broad Street

Lagos

TAX IDENTIFICATION NUMBER: 15562790-0001

First HoldCo Plc.

Certification pursuant to section 60(2) of Investment and Securities Act No. 29 of 2007

We the undersigned hereby certify the following with regards to First HoldCo Plc financial report for the period ended March 31, 2026 that:

We have reviewed the report;
To the best of our knowledge, the report does not:
1. contain any untrue statement of a material fact, or
2. omit to state a material fact, which could make the statements misleading in the light of the circumstances under which such statements were made.
To the best of our knowledge, the financial statements and other financial information included in the report fairly represent in all material respects the financial condition and results of operations of the Company as of March 31, 2026 and the periods presented in the report.
We:
1. are responsible for establishing and maintaining internal controls.
2. have designed such internal controls to ensure that material information relating to the Company and its consolidated subsidiaries is made known to such officers by others within those entities particularly during the period in which the periodic reports are being prepared.
3. have evaluated the effectiveness of the Company's internal controls as of date within 90 days prior to the reports.
4. have presented in the report our conclusions about the effectiveness of the Company's internal controls based on our evaluation as of that date.
We have disclosed to the auditors of the Company and the audit committee:
1. all significant deficiencies in the design or operation of internal controls which would adversely affect the Company's ability to record, process, summarize and report financial data and have identified for the Company's auditors any material weakness in internal controls, and
2. Any fraud, whether or not material, that involve management or other employees who have significant role in the Company's
  internal controls.
We have identified in the report whether or not there were significant changes in the internal controls or other factors that could significantly affect internal controls subsequent to the date of our evaluation, including any corrective actions with regards to significant deficiencies and material weaknesses.

ADEBOWALE OYEDEJI

Group Managing Director FRC/2024/PRO/DIR/003/450036

WASIU SHAFE

Ag. Chief Financial Officer FRC/2015/PRO/00000012973

First HoldCo Plc.

Shareholding Structure and Free Float Status

Company Name: First HoldCo Plc

Board Listed: Premium Board

Period End: March 31,2026

Reporting Period: Period ended March 31, 2026 Share Price at end of reporting period: N50.00 (March 31, 2025: N28.15)

Description	31 March 2026		31 March 2025
Description	Unit	Percentage	Unit	Percentage
Issued Share Capital	44,453,693,133	100.00%	41,877,841,590	100.00%
Substantial Shareholdings (5% and above):
Mr. Femi Otedola (Direct)	3,251,346,245	7.31%	3,212,032,866	7.67%
Mr. Femi Otedola (Indirect)	4,803,968,241	10.81%	3,465,560,297	8.28%
Barbican Capital Limited 1	-	0.00%	6,314,116,229	15.08%
RC Investment management Limited 2	10,433,909,058	23.47%	-	0.00%

Total Substantial Shareholdings	18,489,223,544	41.59%	12,991,709,392	31.02%

Directors' shareholdings (direct and indirect), excluding directors with substantial interests
Adebowale Oyedeji (Direct)	16,970	0.00%	16,970	0.00%
Adebowale Oyedeji (Indirect)	5,023,684	0.01%	4,023,864	0.01%
Mrs Kofoworola Dosekun	-	0.00%	-	0.00%
Dr. (Sir) Peter Aliogo	-	0.00%	-	0.00%
Dr. Abiodun Fatade	-	0.00%	-	0.00%
Dr. Alimi Abdul-Razaq	-	0.00%	-	0.00%
Julius B. Omodayo-Owotuga	-	0.00%	-	0.00%
Mr Olusegun Alebiosu (Direct)	13,579,312	0.03%	13,579,312	0.03%
Mr Olusegun Alebiosu (Indirect)	9,916,666	0.02%	9,916,666	0.02%
Mr. Oyewale Ariyibi 3	-	0.00%	4,676,991	0.01%

Total Directors' Shareholdings	28,536,632	0.06%	32,213,803	0.07%

Other Influential Shareholdings:

Free Floats in Units and Percentage	25,935,932,957	58.34%	28,853,918,395	68.90%
Free Floats in Value (N)	1,296,796,647,850.00		812,237,802,819.25

Note: This table has been extracted from the Register of Members as at March 31, 2026. The Register is independently maintained by Meristem Registrars & Probate Services Limited.

Divested 16 July 2025
RC Investment is an Independent Bridge Holder
Oyewale Ariyibi retired 15 August 2025

Declaration:

First HoldCo Plc with a free float value of N1,296,796,647,850.00 (58.34%) as at March 31, 2026 (N812,237,802,819.25 (68.90%) as at March 31, 2025) is compliant with the Nigerian Stock Exchange's free float requirements for companies listed on the Premium Board.

Abiola Baruwa

Group Company Secretary FRC/2021/002/00000022520

INCOME STATEMENT		GROUP
	Q1 ended	Year to date	Q1 ended	Year to date
	31 Mar.	31 Mar.	31 Mar.	31 Mar.
	Note 2026	2026	2025	2025
	N 'million	N 'million	N 'million	N 'million
Continuing operations Interest income	4 704,452	704,452	625,281	625,281
Interest expense	5 (265,697)	(265,697)	(260,089)	(260,089)
Net interest income	438,755	438,755	365,192	365,192
Impairment charge for losses	6 (40,352)	(40,352)	(37,251)	(37,251)
Net interest income after impairment charge for losses	398,403	398,403	327,941	327,941
Fee and commission income	7a 96,120	96,120	77,722	77,722
Fee and commission expense	7b (17,209)	(17,209)	(13,615)	(13,615)
Net fee and commission income	78,911	78,911	64,107	64,107
Foreign exchange gains	8 4,410	4,410	80,481	80,481
Net gains on sale of investment securities	9 46,568	46,568	136	136
Net gains/(losses) from financial instruments at FVTPL	10 45,279	45,279	(47,914)	(47,914)
Dividend income	11 890	890	161	161
Other operating income	12 43,167	43,167	7,068	7,068
Personnel expenses	(89,267)	(89,267)	(67,560)	(67,560)
Depreciation, amortisation and impairment	(20,656)	(20,656)	(16,380)	(16,380)
Other operating expenses	13 (187,672)	(187,672)	(161,345)	(161,345)
Operating profit	320,033	320,033	186,695	186,695
Share of profit of associates	23 1,082	1,082	(216)	(216)
Profit before tax	321,115	321,115	186,479	186,479
Income tax expense	14 (53,261)	(53,261)	(19,085)	(19,085)
PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS	267,854	267,854	167,394	167,394
Discontinued operations (Loss)/ Profit for the period from discontinued operations	28.3 (58)	(58)	3,703	3,703
PROFIT FOR THE PERIOD	267,796	267,796	171,097	171,097
Profit attributable to:
Owners of the parent Non-controlling interests	266,672 1,124	266,672 1,124	169,529 1,568	169,529 1,568
	267,796	267,796	171,097	171,097
Earnings per share attributable to owners of the parent Basic/diluted earnings per share (expressed in naira per share): From continuing operations 41 From discontinued operations 41 From profit for the period		6.00 (0.00) 6.00		4.62 0.10 4.72

INCOME STATEMENT

Note

COMPANY

Q1 ended 31 Mar. 2026 N 'million	Year to date 31 Mar. 2026 N 'million	Q1 ended 31 Mar. 2025 N 'million	Year to date 31 Mar. 2025 N 'million
1,159 -	1,159 -	4,865 (1)	4,865 (1)
1,159 -	1,159 -	4,864 -	4,864 -
1,159	1,159	4,864	4,864
(158)	(158)	(20)	(20)
-	-	(54)	(54)
4,319	4,319	-	-
19,897	19,897	-	-
-	-	-	-
(436)	(436)	(356)	(356)
(159)	(159)	(121)	(121)
(767)	(767)	(796)	(796)
23,855	23,855	3,517	3,517
23,855	23,855	3,517	3,517
(301)	(301)	(25)	(25)
23,554	23,554	3,492	3,492
23,554 -	23,554 -	3,492 -	3,492 -
23,554	23,554	3,492	3,492
	0.53 - 0.53		0.10 - 0.10

Continuing operations

Interest income 4

Interest expense 5

Net interest income

Impairment charge for losses 6

Net interest income after impairment charge for losses

Foreign exchange (losses) 8

Net gains on sale of investment securities 9

Dividend income 11

Other operating income 12

Gain on disposal of subsidiary 28.3

Personnel expenses

Depreciation, amortisation and impairment

Other operating expenses 13

Operating profit

Profit before tax

Income tax expense 14

PROFIT FOR THE PERIOD

Profit attributable to: Owners of the parent Non-controlling interests

Earnings per share attributable to owners of the parent Basic earnings per share (expressed in naira per share):

From continuing operations 41

From discontinued operations 41

From profit for the period

Q1 ended 31 Mar. 2026 N 'million	Year to date 31 Mar. 2026 N 'million	Q1 ended 31 Mar. 2025 N 'million	Year to date 31 Mar. 2025 N 'million
267,796	267,796	171,097	171,097
(116,845)	(116,845)	(201,934)	(201,934)
20,707	20,707	(26,911)	(26,911)
-	-	(3,809)	(3,809)
(1,456)	(1,456)	(602)	(602)
(97,594)	(97,594)	(233,256)	(233,256)
170,202	170,202	(62,159)	(62,159)
169,078 1,124	169,078 1,124	(63,727) 1,568	(63,727) 1,568
170,202	170,202	(62,159)	(62,159)
169,110 (32)	169,110 (32)	(63,634) (93)	(63,634) (93)
169,078	169,078	(63,727)	(63,727)

STATEMENT OF COMPREHENSIVE INCOME GROUP

PROFIT FOR THE PERIOD

Other comprehensive income:

Items that may be subsequently reclassified to profit or loss

From continuing operations

Movement in fair value reserves (FVOCI debt instruments):

-Net changes in fair value

Foreign operations- foreign currency translation differences

From discontinued operations

Net losses on debt instruments at fair value through other comprehensive income

Items that will not be reclassified to profit or loss From continuing operations

Equity investments at FVOCI - net changes in fair value

Total other comprehensive loss for the period

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD

Total comprehensive income/(loss) attributable to: Owners of the parent

Non-controlling interests

Total comprehensive income/(loss) attributable to owners of the parent arises from :

Continuing operations Discontinued operations

Q1 ended	Year to date	Q1 ended	Year to date
31 Mar.	31 Mar.	31 Mar.	31 Mar.
2026	2026	2025	2025
N 'million	N 'million	N 'million	N 'million
23,554	23,554	3,492	3,492
(22)	(22)	355	355
(22)	(22)	355	355
23,532	23,532	3,847	3,847
23,532	23,532	3,847	3,847
23,532	23,532	3,847	3,847
23,532	23,532	3,847	3,847
23,532	23,532	3,847	3,847

STATEMENT OF COMPREHENSIVE INCOME COMPANY

PROFIT FOR THE PERIOD

Other comprehensive income:

Items that may be subsequently reclassified to profit or loss

Net gains/(losses) on debt instruments at fair value through other comprehensive income

Total other comprehensive (loss)/income for the period TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

Total comprehensive income attributable to: Owners of the parent

Total comprehensive income attributable to owners of the parent arises from:

Continuing operations

STATEMENT OF FINANCIAL POSITION		GROUP		COMPANY
		31 Mar.	31 Dec.	31 Mar.	31 Dec.
	Note	2026	2025	2026	2025
N 'million			N 'million	N 'million	N 'million
ASSETS
Cash and balances with central banks	15	4,896,379	5,074,239	-	-
Loans and advances to banks	17	3,265,442	3,458,348	11,048	11,961
Loans and advances to customers	18	9,438,863	8,966,321	90	87
Financial assets at fair value through profit or loss	19	1,166,159	1,144,241	-	-
Investment securities	20	6,578,802	6,970,087	27,846	11,377
Assets pledged as collateral	21	158,445	343,612	-	-
Other assets	22	741,485	642,294	73,634	18,800
Investment in associates	23	4,191	3,109	-	-
Investment in subsidiaries	24	-	-	516,452	516,452
Property and equipment	25	525,428	541,194	1,494	1,342
Intangible assets	26	38,349	36,318	-	-
Deferred tax assets	27	34,152	39,916	-	-
		26,847,695	27,219,679	630,564	560,019
Assets held for sale	28.2	31,229	31,256	-	-
Total assets		26,878,924	27,250,935	630,564	560,019
LIABILITIES
Deposits from banks	29	2,530,935	2,019,003	-	-
Deposits from customers	30	18,380,404	18,883,009	-	-
Financial liabilities at fair value through profit or loss	31	19,652	61,992	-	-
Current income tax liabilities	32	175,294	118,278	643	342
Other liabilities	33	917,333	896,575	60,528	13,816
Borrowings	34	1,361,211	1,943,978	-	-
Retirement benefit obligations	35	11,554	11,490	-	-
Deferred tax liabilities	27	9,191	13,462	-	-
		23,405,574	23,947,787	61,171	14,158
Liabilities held for sale	28.2	1,783	1,783	-	-
Total liabilities		23,407,357	23,949,570	61,171	14,158
EQUITY
Share capital	36	22,227	22,227	22,227	22,227
Share premium	37.1	458,389	458,389	458,389	458,389
Retained earnings	37.2	667,953	401,798	89,935	66,381
Statutory reserve	37.3	302,337	301,820	-	-
Capital reserve	37.4	-	-	10	10
SME investment reserve	37.6	6,076	6,076	-	-
Fair value reserve	37.5	394,183	512,484	(1,168)	(1,146)
Regulatory risk reserve	37.7	851,949	851,949	-	-
Foreign currency translation reserve	37.8	706,828	686,121	-	-
		3,409,942	3,240,864	569,393	545,861
Non-controlling interests	39	61,625	60,501	-	-
Total equity		3,471,567	3,301,365	569,393	545,861
Total equity and liabilities		26,878,924	27,250,935	630,564	560,019

ADEBOWALE OYEDEJI

Group Managing Director

WASIU SHAFE

Ag. Chief Financial Officer

FRC/2024/PRO/DIR/003/450036 FRC/2015/PRO/00000012973

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Share capital	Share premium	Retained earnings	Statutory reserve	SME investment reserve	Fair value reserve	Regulatory risk reserve	Foreign currency translation reserve	Total	Non-controlling interest	Total equity
N 'million	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
17,948	233,392	1,116,309	332,091	6,076	356,675	22,670	657,346	2,742,507	52,827	2,795,334
-	-	169,529	-	-	-	-	-	169,529	1,568	171,097
-	-	-	-	-	-	-	(26,911)	(26,911)	-	(26,911)
-	-	-	-	-	(205,743)	-	-	(205,743)	-	(205,743)
-	-	-	-	-	(602)	-	-	(602)	-	(602)
-	-	169,529	-	-	(206,345)	-	(26,911)	(63,727)	1,568	(62,159)
-	-	(4,580)	3,623	-	-	957	-	-	-	-
-	-	374	-	-	-	-	-	374	4,734	5,108
-	-	374	-	-	-	-	-	374	4,734	5,108
17,948	233,392	1,281,632	335,714	6,076	150,330	23,627	630,435	2,679,154	59,129	2,738,283
22,227	458,389	401,798	301,820	6,076	512,484	851,949	686,121	3,240,864	60,501	3,301,365
-	-	266,672	-	-	-	-	-	266,672	1,124	267,796
-	-	-	-	-	-	-	20,707	20,707	-	20,707
-	-	-	-	-	(116,845)	-	-	(116,845)	-	(116,845)
-	-	-	-	-	(1,456)	-	-	(1,456)	-	(1,456)
-	-	266,672	-	-	(118,301)	-	20,707	169,078	1,124	170,202
-	-	(517)	517	-	-	-	-	-	-	-
22,227	458,389	667,953	302,337	6,076	394,183	851,949	706,828	3,409,942	61,625	3,471,567

Attributable to equity holders of the parent

Balance at January 1, 2025 Profit for the period

Other comprehensive income

Foreign operations- foreign currency translation differences Net changes in fair value - FVOCI debt instruments

Net changes in fair value - FVOCI equity investments Total comprehensive income

Transfer between reserves Transactions with owners

Partial disposal of interest in FBN Senegal without loss in control Total transactions with Owners

At March 31, 2025

Balance at January 1, 2026 Profit for the period

Other comprehensive income

Foreign operations- foreign currency translation differences Net changes in fair value - FVOCI debt instruments

Net changes in fair value - FVOCI equity investments Total comprehensive income

Transfer between reserves At March 31, 2026

COMPANY STATEMENT OF CHANGES IN EQUITY

Attributable to equity holders of the parent

	Share capital	Share premium	Retained earnings	Capital reserve	Fair value reserve	Total
	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
Balance at January 1, 2025	17,948	233,392	48,480	10	(2,134)	297,696
Profit for the period Other comprehensive income	-	-	3,492	-	-	3,492
Fair value changes on financial assets at FVOCI -		-	-	-	355	355
Total comprehensive income -		-	3,492	-	355	3,847
At March 31, 2025	17,948	233,392	51,972	10	(1,779)	301,543
Balance at January 1, 2026	22,227	458,389	66,381	10	(1,146)	545,861
Profit for the period Other comprehensive income	-	-	23,554	-	-	23,554
Fair value changes on financial assets at FVOCI	-	-	-	-	(22)	(22)
Total comprehensive income	-	-	23,554	-	(22)	23,532
At March 31, 2026	22,227	458,389	89,935	10	(1,168)	569,393

First HoldCo Plc.

STATEMENT OF CASH FLOWS GROUP COMPANY

	Note	31 Mar. 2026 N 'million	31 Mar. 2025 N 'million	31 Mar. 2026 N 'million	31 Mar. 2025 N 'million
Operating activities
Cash flow (used in)/ from operations	38	(2,583,420)	(3,362,330)	(44,824)	(149,530)
Income taxes paid		(268,171)	(26,295)	-	-
Interest received		870,052	367,610	1,276	4,690
Interest paid		(2,094)	(469,497)	-	-
Net cash flow (used in)/generated from operating activities		(1,983,633)	(3,490,512)	(43,548)	(144,840)
Investing activities
Purchase of investment securities		(3,136,026)	(3,893,741)	(24,346)	(12,808)
Proceeds from the sale of investment securities		4,923,416	6,520,019	7,579	11,109
Dividends received		890	161	14,712	16,100
Investment in subsidiaries		-	-	-	(1,517)
Purchase of property and equipment		(16,053)	(68,872)	(342)	(1,096)
Purchase of intangible assets		(11,707)	(34,104)	-	-
Proceeds on disposal of property and equipment		938	8,752	31	-
Proceeeds of disposal of investment in subsidiary		-	5,958	-	-
Net cash flow generated/(used in) from investing activities		1,761,458	2,538,173	(2,366)	11,788
Financing activities
Proceeds from new borrowings		151,137	301,502	-	-
Repayment of borrowings		(602,858)	(141,987)	-	-
Deposit for shares		45,000	147,318	45,000	147,318
Net cash flow from financing activities		(406,721)	306,833	45,000	147,318
(Decrease)/ Increase in cash and cash equivalents		(628,896)	(645,506)	(914)	14,266
Cash and cash equivalents at start of period		4,261,269	5,705,676	11,961	23,269
Effect of exchange rate fluctuations on cash held		12,132	14,498	1	(84)
Cash and cash equivalents at end of period	16	3,644,505	5,074,668	11,048	37,451

General information
These financial statements are the consolidated financial statements of First HoldCo Plc. (the Company), and its subsidiaries (hereafter referred to as 'the Group'). The Registered office address of the Company is at 35 Marina, Samuel Asabia House, Lagos, Nigeria.
The principal activities of the Group are mainly the provision of commercial banking services, merchant banking and asset management services, insurance brokerage services and provision of other financial services.

Summary of significant accounting policies

The principal accounting policies adopted in the preparation of separate and consolidated financial statements of the parent and the Group are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Basis of preparation
The Group's consolidated financial statements for the period ended March 31, 2026 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and with the applicable interpretations - International Financial Reporting Interpretations Committee (IFRIC) and Standard Interpretation Committee (SIC) as issued by IFRS Interpretation Committee. Additional information required by national regulations is included where appropriate.
The consolidated financial statements comprise the income statement, statement of comprehensive income, statement of financial position, the statement of changes in equity, statement of cash flows and the related notes for the Group and the Company.
The consolidated financial statements have been prepared in accordance with the going concern principle under the historical cost convention, modified to include fair valuation of particular financial instruments, to the extent required or permitted under IFRS as set out in the relevant accounting policies.
The preparation of the consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires directors to exercise judgement in the process of applying the accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed.
The Directors believe that the underlying assumptions are appropriate and that the Group's financial statements therefore present the financial position and results fairly.
1. Basis of measurement
  These financial statements have been prepared in accordance with the going concern principle under the historical cost basis except for the following:
  - Derivative financial instruments which are measured at fair value.
  - Non-derivative financial instruments, carried at fair value through profit or loss, are measured at fair value.
  - Financial assets at fair value through other comprehensive income
  - The liability for defined benefit obligations is recognized as the present value of the defined benefit obligation less the fair value of the plan assets.
  - The plan assets for defined benefit obligations are measured at fair value.
Changes in accounting policy and disclosures
1. New and amended standards adopted by the Group
  The Group has not applied any standards and amendment for the first time for their annual reporting period commencing January 1, 2026.
2. New standards, interpretations and amendments to existing standards that are not yet effective
  A number of new standards, interpretations and amendments thereto, have been issued by IASB which are not yet effective, and have not been applied in preparing these consolidated financial statements.
  1. Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures (effective 1 January 2026)
  2. IFRS 18 Presentation and Disclosure in Financial Statements (effective 1 January 2027)
  3. IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective 1 January 2027)
Consolidation
The financial statements of the consolidated subsidiaries used to prepare the consolidated financial statements were prepared as of the parent company's reporting date.
1. Subsidiaries
  Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
  The assessment of control is based on the consideration of all facts and circumstances. The Group reassesses whether or not it controls an investee if fact and circumstances indicate that there are changes to one or more of the elements of control.
  Investment in subsidiaries is measured at cost less accumulated impairment losses in the separate financial statements of the parent.
  The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group.
  The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest's proportionate share of the recognised amounts of acquiree's identifiable net assets.
  Acquisition-related costs are expensed as incurred. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.
  Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income.
  The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement.
  Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Where necessary, amounts reported by subsidiaries have been adjusted to conform with the Group's accounting policies.
2. Changes in ownership interests in subsidiaries without change of control.
  Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions - that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
3. Disposal of subsidiaries
  When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
4. Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investment in associates is measured at cost in the separate financial statements of the investor. Investments in associates are accounted for using the equity method of accounting in the consolidated financial statements of the Group. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.
The Group's investment in associates includes goodwill identified on acquisition.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
The Group's share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in an associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to share of profit/(loss) of associates in the income statement.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors.
All transactions between business segments are conducted at arm's length, with inter-segment revenue and expenditure eliminated at the Group. Income and expenses directly associated with each segment is included in determining the segment's performance.
Common control transactions
A business combination involving entities or businesses under common control is excluded from the scope of IFRS 3: Business Combinations. The exemption is applicable where the combining entities or businesses are controlled by the same party both before and after the combination. Where such transactions occur, the Group, in accordance with IAS 8, uses its judgment in developing and applying an accounting policy that is relevant and reliable. In making this judgment, directors consider the requirements of IFRS dealing with similar and related issues and the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the framework.
Directors also consider the most recent pronouncements of other standard setting bodies that use a similar conceptual framework to develop accounting standards, to the extent that these do not conflict with the IFRS Framework or any other IFRS or interpretation.
Accordingly, the Group's policy is that the assets and liabilities of the business transferred are measured at their existing book value in the consolidated financial statements of the parent, as measured under IFRS. The Company incorporates the results of the acquired businesses only from the date on which the business combination occurs.
Foreign currency translation
1. Functional and presentation currency
  Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').
  The consolidated financial statements are presented in Nigerian Naira which is the group's presentation currency.
2. Transactions and balances
  Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re- measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
  Changes in the fair value of monetary securities denominated in foreign currency classified as available for sale are analysed between translation differences resulting from changes in the amortised cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortised cost are recognised in profit or loss, and other changes in carrying amount are recognised in other comprehensive income.
  Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as available for sale, are included in other comprehensive income.
3. Group companies
  The results and financial position of all the group entities which have functional currency different from the Group's presentation currency, are translated into the Group's presentation currency as follows:
  - assets and liabilities of each foreign operation are translated at the rates of exchange ruling at the reporting date;
  - income and expenses of each foreign operation are translated at the average exchange rate for the period, unless this average is not a reasonable approximation of the rate prevailing on transaction date, in which case income and expenses are translated at the exchange rate ruling at transaction date; and
  - all resulting exchange differences are recognised in other comprehensive income.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognised in other comprehensive income.
Income taxation
1. Current income tax
  Income tax payable is calculated on the basis of the applicable tax law in the respective jurisdiction and is recognised as an expense (income) for the period except to the extent that current tax related to items that are charged or credited in other comprehensive income or directly to equity. In these circumstances, current tax is charged or credited to other comprehensive income or to equity (for example, current tax on equity instruments for which the entity has elected to present gains and losses in other comprehensive income).
2. Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss.
Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred tax liability where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Deferred tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both the legal right and the intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Inventories
Inventories include stock of consumables and repossessed assets held for resale. Stock of consumables comprise of materials to be consumed in the process of rendering of services as well as accessories held for subsequent issuance to customers. They are measured at lower of cost and net realisable value. Cost comprises cost of purchase and other costs incurred in bringing the items of stock to their present location and condition. Net reliable value is the estimated issuance price. When items of stock are issued to customers, their carrying amount is recognised as an expense in the period in which the relevant revenue is recognised.
Repossessed assets held for resale include assets held as collaterals recovered from defaulting loan customers. These assets includes Land, Buildings, Tank farm, Rigs and Vessel, They are valued at the lower of cost and net realisable value. Cost is the carrying amount of the related loan at the date of exchange. Net realisable value represents the estimated selling price less estimated costs to completion and costs to be incurred in marketing, selling and distribution.
Financial assets and liabilities
In accordance with IFRS 9, all financial assets and liabilities - which include derivative financial instruments - have to be recognised in the statement of financial position and measured in accordance with their assigned category.
1. Financial assets
  The Group allocates financial assets into one of the following categories: Fair value through profit or loss, Amortised cost and Fair
  value through other comprehensive income. The Group classifies all financial assets on the basis of the business model for managing the asset and the contractual cashflow characteristics of the asset.
  1. Financial assets at fair value through profit or loss (FVTPL)
    Financial assets measured at fair value through profit or loss include assets held for trading purposes, assets held as part of a portfolio managed on a fair value basis and assets whose cash flows do not represent payments that are solely payments of principal and interest. Financial assets may also be designated at FVTPL if by so doing eliminates or significantly reduces an accounting mismatch which would otherwise arise. These instruments are measured at fair value in the statement of financial position, with transaction costs recognized immediately in the income statement. Realized and unrealized gains and losses are also recognized in the income statement.
  2. Financial assets measured at amortised cost
    Financial assets are measured at amortised cost if they are held within a business model whose objective is to hold for collection of contractual cash flows where those cash flows represent solely payments of principal and interest.
    After initial measurement, debt instruments in this category are carried at amortized cost using the effective interest rate method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. Amortized cost is calculated taking into account any discount or premium on acquisition, transaction costs and fees that are an integral part of the effective interest rate.
    Amortization is included in interest income in the income statement. Impairment on financial assets measured at amortized cost is calculated using the expected credit loss approach. Loans and debt securities measured at amortized cost are presented net of the allowance for credit losses in the statement of financial position.
  3. Financial assets at fair value through other comprehensive income
    Financial assets are measured at fair value through other comprehensive income (FVOCI) if they are held within a business model whose objective is to hold for collection of contractual cash flows and for selling financial assets, where the assets' cash flows represent payments that are solely payments of principal and interest.
    Subsequent to initial recognition, unrealized gains and losses on debt instruments measured at FVOCI are recorded in other comprehensive income (OCI), unless the instrument is designated in a fair value hedge relationship. When designated in a fair value hedge relationship any changes in fair value due to changes in the hedged risk is recognized in the income statement. Foreign exchange gains and losses that relate to the amortized cost of the debt instrument are recognized in the income statement. Premiums, discounts and related transaction costs are amortized over the expected life of the instrument to interest income in the income statement using the effective interest rate method.
  4. Recognition
  The Group uses settlement date accounting for regular way contracts when recording financial asset transactions. Financial assets that are transferred to a third party but do not qualify for derecognition are presented in the statement of financial position as 'Assets pledged as collateral', if the transferee has the right to sell or repledge them.
2. Financial liabilities
  The Group's holding in financial liabilities is in financial liabilities at fair value through profit or loss and financial liabilities at amortised cost. Financial liabilities are derecognised when extinguished.
  1. Financial liabilities at fair value through profit or loss
    Financial liabilities at fair value through profit or loss are financial liabilities held for trading.
    A financial liability is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term or if it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking.
    Derivatives are also categorised as held for trading unless they are designated and effective as hedging instruments. Financial liabilities held for trading also include obligations to deliver financial assets borrowed by a short seller.
    Gains and losses arising from changes in fair value of financial liabilities classified held for trading are included in the income statement and are reported as 'Net gains/ (losses) on financial instruments classified as held for trading'. Interest expenses on financial liabilities held for trading are included in 'Net interest income'.
  2. Other liabilities measured at amortised cost
  Financial liabilities that are not classified at fair value through profit or loss fall into this category and are measured at amortised cost. Financial liabilities measured at amortised cost are deposits from banks or customers, debt securities in issue for which the fair value option is not applied, convertible bonds and subordinated debts.
3. Derivative financial instruments
  Derivative financial instruments include swaps, forward rate agreements, futures, options and combinations of these instruments, and they primarily affect the Group's net interest income, net trading income, net fee and commission income and derivative assets and liabilities. Notional amounts of the contracts are not recorded on the balance sheet. All derivative financial instruments are held at fair value through profit or loss.
  Derivatives are classified as assets when their fair value is positive or as liabilities when their fair value is negative. Derivative assets and liabilities arising from different transactions are only offset where there is a legal right of offset of the recognised amounts and the parties intend to settle the cash flows on a net basis, or realise the asset and settle the liability simultaneously.
4. Embedded derivatives
  Hybrid contracts contain both a derivative and a non-derivative component. In such cases, the derivative component is termed an embedded derivative. Where the economic characteristics and risks of the embedded derivatives are not closely related to those of the host contract, and the host contract itself is not carried at fair value through profit or loss, the embedded derivative is bifurcated and measured at fair value with gains and losses being recognised in the income statement.
5. Determination of fair value
  Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
  For financial instruments traded in active markets, the determination of fair values of financial assets and financial liabilities is based on quoted market prices or dealer price quotations. This includes listed equity securities and quoted debt instruments on major exchanges (for example, the Nigerian Exchange Limited (NGX)) and broker quotes from Bloomberg and Reuters.
  A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis.
  If the above criteria are not met, the market is regarded as being inactive. Indications that a market is inactive are when there is a wide bid-offer spread or significant increase in the bid-offer spread or there are few recent transactions.
  For all other financial instruments, fair value is determined using valuation techniques. In these techniques, fair values are estimated from observable data in respect of similar financial instruments, using models to estimate the present value of expected future cash flows or other valuation techniques, using inputs (for example, LIBOR yield curve, FX rates, volatilities and counterparty spreads) existing at the dates of the statement of financial position.
  The Group uses widely recognised valuation models for determining fair values of non standardised financial instruments of lower complexity, such as options or interest rate and currency swaps. For these financial instruments, inputs into models are generally market-observable.
  For more complex instruments, the Group uses internally developed models, which are usually based on valuation methods and techniques generally recognised as standard within the industry. Valuation models are used primarily to value derivatives transacted in the over-the-counter market, unlisted securities (including those with embedded derivatives) and other instruments for which markets were or have become illiquid. Some of the inputs to these models may not be market observable and are therefore estimated based on assumptions.
  The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional factors including model risks, liquidity risk and counterparty credit risk.
  Based on the established fair value model governance policies, and related controls and procedures applied, management believes that these valuation adjustments are necessary and appropriate to fairly state the values of financial instruments carried at fair value in the statement of financial position. Price data and parameters used in the measurement procedures applied are generally reviewed carefully and adjusted, if necessary - particularly in view of the current market developments.
  The estimated fair value of loans and advances represents an estimation of the value of the loans using average benchmarked lending rates which were adjusted for specific entity risks based on history of losses.
6. De-recognition of financial instruments
  The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
7. Reclassification of financial assets
  Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Group changes its business model for managing financial assets. A change in the Group's business model will occurs only when the Group either begins or ceases to perform an activity that is significant to its operations.
Offsetting financial instruments
Master agreements provide that, if an event of default occurs, all outstanding transactions with the counterparty will fall due and all amounts outstanding will be settled on a net basis.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a currently legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in event of default, insolvency or bankruptcy of the company or the counterparty.
Revenue recognition
1. Interest income and expense
  Interest income and expense for all interest-bearing financial instruments are recognised within 'interest income' and 'interest expense' in profit or loss using the effective interest method.
  The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset (i.e. its amortised cost before any impairment allowance) or to the amortised cost of a financial liability. The calculation does not consider expected credit losses and includes transaction costs, premiums or discounts and fees and points paid or received that are integral to the effective interest rate, such as origination fees. For purchased or originated credit-impaired (`POCI') financial assets - assets that are credit-impaired at initial recognition - the Group calculates the credit-adjusted effective interest rate, which is calculated based on the amortised cost of the financial asset instead of its gross carrying amount and incorporates the impact of expected credit losses in estimated future cash flows.
  The application of the method has the effect of recognising income (and expense) receivable (or payable) on the instrument evenly in proportion to the amount outstanding over the period to maturity or repayment. In calculating effective interest, the Group estimates cash flows considering all contractual terms of the financial instrument but excluding future credit losses.
  When the Group revises the estimates of future cash flows, the carrying amount of the respective financial assets or financial liability is adjusted to reflect the new estimate discounted using the original effective interest rate. Any changes are recognised in profit or loss.
  Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for:
  1. POCI financial assets, for which the original credit-adjusted effective interest rate is applied to the amortised cost of the financial asset.
  2. Financial assets that are not 'POCI' but have subsequently become credit-impaired (or 'stage 3'), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of the expected credit loss provision).
2. Fees and commission income
  Fees and commission income and expenses that are integral to the effective interest rate on a financial asset or liability are included in the measurement of the effective interest rate. For other fees and commission income, it is the Group's policy to recognise revenue from a contract when it has been approved by both parties, rights have been clearly identified, payment terms have been defined, the contract has commercial substance, and collectability has been ascertained as probable. Revenue is recognised when control of goods or services have been transferred. Control of an asset refers to the ability to direct the use of and obtain substantially all of the remaining benefits (potential cash inflows or savings in cash outflows) associated with the asset.
3. Dividend income
Dividend income is recognised when the right to receive income is established.
Impairment of financial assets
The Group assesses the following financial assets for impairment using the Expected Credit Loss (ECL) approach:
- Financial assets classified at amortised cost
- Debt securities classified at fair value through other comprehensive income
- Off-balance sheet loan commitments and
- Financial guarantee contracts.
  Equity instruments and financial assets measured at fair value through profit or loss are not subjected to impairment under the standard.
  Expected Credit Loss Impairment Model
  The Group's allowance for credit losses calculations are outputs of models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. The expected credit loss impairment model reflects the present value of all cash shortfalls related to default events either over the following twelve months or over the expected life of a financial instrument depending on credit deterioration from inception. The allowance for credit losses reflects an unbiased, probability-weighted outcome which considers multiple scenarios based on reasonable and supportable forecasts.
  The Group adopts a three-stage approach for impairment assessment based on changes in credit quality since initial recognition.
- Stage 1 - Where there has not been a significant increase in credit risk since initial recognition of a financial instrument, an amount equal to 12 months expected credit loss is recorded. The expected credit loss is computed using a probability of default occurring over the next 12 months. For those instruments with a remaining maturity of less than 12 months, a probability of default corresponding to remaining term to maturity is used.
- Stage 2 - When a financial instrument experiences a significant increase in credit risk subsequent to origination but is not considered to be in default, it is included in Stage 2. This requires the computation of expected credit loss based on the probability of default over the remaining estimated life of the financial instrument.
- Stage 3 - Financial instruments that are considered to be in default are included in this stage. Similar to Stage 2, the allowance for credit losses captures the lifetime expected credit losses.
Impairment of non-financial assets
Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Additionally, assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment.
An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash-generating units). The impairment test also can be performed on a single asset when the fair value less cost to sell or the value in use can be determined reliably. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment loss in respect of goodwill is not reversed.
Collateral
The Group obtains collateral where appropriate, from customers to manage their credit risk exposure to the customer. The collateral normally takes the form of a lien over the customer's assets and gives the Group a claim on these assets for both existing and future customer in the event that the customer defaults.
The Group may also use other credit instruments, such as stock borrowing contracts, and derivative contracts in order to reduce their credit risk.
Collateral received in the form of securities is not recorded on the statement of financial position. Collateral received in the form of cash is recorded on the statement of financial position with a corresponding liability. These items are assigned to deposits received from bank or other counterparties. Any interest payable or receivable arising is recorded as interest expense or interest income respectively.
Discontinued operations
The Group presents discontinued operations in a separate line in the income statement if an entity or a component of an entity has been disposed or is classified as held for sale and:
1. represents a separate major line of business or geographical area of operations;
2. is a part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or
3. is a subsidiary acquired exclusively with a view to resale.
Classification as a discontinued operation occurs on disposal or when the operation meets the criteria to be classified as held for sale. When an operation is classified as a discontinued operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative period.
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less cost to sell.
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:
- the contract involves the use of an identified asset - this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;
- the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and
- the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used.
In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Group has the right to direct the use of the asset if either:
- the Group has the right to operate the asset; or
- the Group designed the asset in a way that predetermines how and for what purpose it will be used. This policy is applied to contracts entered into, or changed, on or after January 1, 2019
  Leases in which the Group is a lessee
  Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
  Lease Liabilities
  At the commencement date of a lease, the Group recognises lease liabilities at the present value of lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments:
- fixed payments (including in-substance fixed payments), less any lease incentives receivable
- variable lease payments that are based on an index or a rate
- amounts expected to be payable by the Group under residual value guarantees
- the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
- payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
  Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs.
  The lease payments are discounted using the Group's incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions.
  The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
  The lease liability is subsequently measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
  Right of use assets
  Right-of-use assets are initially measured at cost, comprising of the following:
- the amount of the initial measurement of lease liability
- any lease payments made at or before the commencement date, less any lease incentives received
- any initial direct costs, and
- restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's
Short-term leases and leases of low-value assets
Short-term leases are those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. Low-value assets are assets that have values less than N1 million when new, e.g., small IT equipment and small items of office furniture, and depends on the nature of the asset. Lease payments on short-term leases and leases of low-value assets would be recognised as expenses in profit or loss on a straight-line basis over the lease term. The Group has applied the low value lease exemption for leases of printers as they are less than N1 million when new.
Extension and termination options
Extension and termination options are included in all of the Group's lease arrangements. These are used to maximise operational flexibility in terms of managing the assets used in the Group's operations. Most of the extension options are subject to mutual agreement by the Group and the lessors and some of the termination options held are exercisable only by the Group.
The Group is the lessor
1. Operating lease
  When assets are subject to an operating lease, the assets continue to be recognised as property and equipment based on the nature of the asset. Lease income is recognised on a straight line basis.
2. Finance lease
When assets are held subject to a finance lease, the related asset is derecognised and the present value of the lease payments (discounted at the interest rate implicit in the lease) is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the term of the lease using the net investment method which allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor's net investment in the lease.
Investment Properties
Properties that are held for long-term rental yields or for capital appreciation or both, and that are not occupied by the entities in
the consolidated group, are classified as investment properties. Investment properties comprise residential buildings constructed with the aim of leasing out to tenants or for selling. Recognition of investment properties takes place only when it is probable that the future economic benefits that are associated with the investment property will flow to the entity and the cost can be measured reliably. This is usually the day when all risks are transferred.
Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing parts of an existing investment property at the time the cost was incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value.
The fair value reflects market conditions at the date of the statement of financial position and is obtained from professional third party valuators contracted to perform valuations on behalf of the Group. The fair value does not reflect future capital expenditure that will improve or enhance the property.
Subsequent expenditure is included in the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred.
Transfer to, or from, investment property is recognized only when there is a change in use, evidenced by one or more of the following:
1. commencement of owner-occupation (transfer from investment property to owner-occupied property)
2. commencement of development with the view to sale (transfer from investment property to inventories)
3. end of owner-occupation (transfer from owner-occupied property to investment property)
4. commencement of an operating lease to another party (transfer from inventories to investment property)
5. end of construction or development (transfer from property in the course of construction/ development to investment property)
Investment properties are derecognized on disposal or when the investment properties are permanently withdrawn from use and no future economic benefits are expected from its disposal.
Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in other operating income in the income statement.

Property and Equipment

All property and equipment used by the parent or its subsidiaries is stated at historical cost less depreciation less accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent expenditures are included in the asset's carrying amount or are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repair and maintenance costs are charged to other operating expenses during the financial period in which they are incurred.

Land is not depreciated. Depreciation of other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:

Asset Class	Depreciation Rate
Improvement & buildings	2%
Motor Vehicles	25%
Motor Vehicles - Executive pool	33.33%
Office Equipment	20%
Computer Equipment	33.33%
Plant and Equipment	20%
Furniture, fittings & equipment	20%

Depreciation rates, methods and the residual values underlying the calculation of depreciation of items of property and equipment are kept under review on an annual basis to take account of any change in circumstances.

When deciding on depreciation rates and methods, the principal factors the Group takes into account are the expected rate of technological developments and expected market requirements for, and the expected pattern of usage of, the assets.

When reviewing residual values, the Group estimates the amount that it would currently obtain for the disposal of the asset after deducting the estimated cost of disposal if the asset were already of the age and condition expected at the end of its useful economic life.

No depreciation is provided on freehold land, although, in common with all long-lived assets, it is subject to impairment testing, if deemed appropriate.

Construction cost and improvements in respect of offices is carried at cost as capital work in progress. On completion of construction or improvements, the related amounts are transferred to the appropriate category of property and equipment.

An item of property and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain/ loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income statement in the period the asset is derecognised.

Intangible assets
1. Goodwill
  Goodwill arises on the acquisition of subsidiary and associates, and represents the excess of the cost of acquisition, over the fair value of the Group's share of the assets acquired, and the liabilities and contingent liabilities assumed on the date of the acquisition. For the purpose of calculating goodwill, fair values of acquired assets, liabilities and contingent liabilities are determined by reference to market values or by discounting expected future cash flows to present value. This discounting is either performed using market rates or by using risk-free rates and risk-adjusted expected future cash flows. Goodwill is initially recognised as an asset at cost and subsequently measured at cost less accumulated impairment losses, if any. Goodwill which is recognised as an asset is reviewed at least annually for impairment. Any impairment loss is immediately recognised in profit or loss.
  For the purpose of impairment testing, goodwill is allocated to each cash-generating unit that is expected to derive benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. Any impairment loss recognised for goodwill is not reversed in a subsequent period.
  Goodwill on acquisitions of associates is included in the amount of the investment.
  Gains and losses on the disposal of an entity include the carrying amount of the goodwill relating to the entity sold.
2. Computer software
  Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group, are recognised as intangible assets when the following criteria are met:
  1. It is technically feasible to complete the software product so that it will be available for use;
  2. Management intends to complete the software product and use or sell it;
  3. There is an ability to use or sell the software product;
  4. It can be demonstrated how the software product will generate probable future economic benefits;
  5. Adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
  6. The expenditure attributable to the software product during its development can be reliably measured.
    Subsequent expenditure on computer software is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates.
    Direct computer software development costs recognised as intangible assets are amortised on the straight-line basis over 3 years and are carried at cost less any accumulated amortisation and any accumulated impairment losses. The carrying amount of capitalised computer software is reviewed annually and is written down when the carrying amount exceeds its recoverable amount.
3. Derecognition
An item of intangibles is derecognised on disposal or when no future economic benefits are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
Cash and cash equivalents
Cash and cash equivalents comprise balances with less than three months' maturity from the date of acquisition, including cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.
For the purposes of the statement of cash flows, cash and cash equivalents excludes restricted balances with central banks.
Employee benefits
1. Post-employment benefits
  The Group has both defined benefit and defined contribution plans
  1. Defined contribution plan
    A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
    The Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
    The company and all entities within the Group make contributions in line with relevant pension laws in their jurisdiction. In Nigeria, the company contributes 16.5% of each employee's monthly emoluments (as defined by the Pension Act 2014) to the employee's Retirement Savings Account. The Act stipulates a minimum contribution of 10%.
  2. Defined benefit plan
    A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors, such as age, periods of service and compensation.
    The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the date of the statement of financial position less the fair value of plan assets.
    The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the Estimated future cash outflows using interest rates of Federal government bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.
    Remeasurement gains and losses are charged or credited to equity in other comprehensive income in the period in which they arise. Past service costs are recognised immediately in income.
2. Short-term benefits
Short-term benefits consists of salaries, accumulated leave allowances, bonuses and other non-monetary benefits. Short-term benefits are measured on an undiscounted basis and are expensed as the related services provided.
A liability is recognised for the amount expected to be paid under short-term cash benefits such as accumulated leave and leave allowances if the Group has a present legal or constructive obligation to pay this amount as a result of past services provided by the employee and the obligation can be measured reliably.
Provisions
Provisions are recognised for present obligations arising as consequences of past events where it is probable that a transfer of economic benefit will be necessary to settle the obligation, and it can be reliably estimated.
When a leasehold property ceases to be used in the business or a demonstrable commitment has been made to cease to use a property where the costs exceed the benefits of the property, provision is made, where the unavoidable costs of the future obligations relating to the lease are expected to exceed anticipated rental income and other benefits. The net costs are discounted using market rates of interest to reflect the long-term nature of the cash flows.
Provision is made for the anticipated cost of restructuring, including redundancy costs when an obligation exists. An obligation exists when the Group has a detailed formal plan for restructuring a business and has raised valid expectations in those affected by the restructuring by starting to implement the plan or announcing its main features. The provision raised is normally utilised within nine months.
Provision is made for undrawn loan commitments and similar facilities if it is probable that the facility will be drawn and result in the recognition of an asset at an amount less than the amount advanced.
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events or present obligations where the transfer of economic benefit is uncertain or cannot be reliably measured. Contingent liabilities are not recognised but are disclosed unless they are remote.
Fiduciary activities
The Group acts as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Group.
Issued debt and equity securities
Issued financial instruments or their components are classified as liabilities where the contractual arrangement results in the Group having a present obligation to either deliver cash or another financial asset to the holder, to exchange financial instruments on terms that are potentially unfavourable or to satisfy the obligation otherwise than by the exchange of a fixed amount of cash or another financial asset for a fixed number of equity shares. Issued financial instruments, or their components, are classified as equity where they meet the definition of equity and confer on the holder a residual interest in the assets of the Group. The components of issued financial instruments that contain both liability and equity elements are accounted for separately with the equity component being assigned the residual amount after deducting from the instrument as a whole the amount separately determined as the fair value of the liability component.
Share capital
1. Share issue costs
  Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are shown in equity as a deduction, net of tax, from the proceeds.
2. Dividends on ordinary shares
  Dividends on ordinary shares are recognised in equity in the period in which they are approved by the shareholders. Dividends for the period that are declared after the reporting date are dealt with in the subsequent events note.
  Dividends proposed by the Directors but not yet approved by members are disclosed in the financial statements in accordance with the requirements of the Company and Allied Matters Act.
3. Earnings per share
  The Group presents basic and diluted earnings per share (EPS) for its ordinary shares. Basic EPS is calculated by dividing the profit and loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares.
4. Treasury shares
  Where the Company or other members of the Group purchase the Company's equity share capital, the consideration paid is deducted from total shareholders' equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders' equity.
5. Regulatory risk reserve
In compliance with the Prudential Guidelines for licensed Banks, the Group assesses qualifying financial assets using the guidance
under the Prudential Guidelines. The guidelines apply objective and subjective criteria towards providing for losses in risk assets. Assets are classed as performing or non-performing. Non-performing assets are further classed as Substandard, Doubtful or Lost with attendants provision as per the table below based on objective criteria.

A more accelerated provision may be done using the subjective criteria. A 2% provision is taken on all risk assets that are not specifically provisioned.
The results of the application of Prudential Guidelines and the impairment determined for these assets under IFRS 9 are compared. The IFRS 9 determined impairment charge is always included in the income statement.
Where the Prudential Guidelines provision is greater, the difference is appropriated from Retained Earnings and included in a non-distributable reserve "Regulatory risk reserve". Where the IFRS 9 impairment is greater, no appropriation is made and the amount of the IFRS 9 impairment is recognised in income statement.
Following an examination, the regulator may also require more amounts be set aside on risk and other assets. Such additional amounts are recognised as an appropriation from retained earnings to regulatory risk reserve.
Financial guarantees
Financial guarantees are contracts that require the Group to make specific payments to reimburse the holder of a loss it incurs because a specific debtor fails to make payment when due in accordance with the terms of a debt instrument. Financial guarantee liabilities are initially recognised at the fair value, and the initial fair value is amortised over the life of the financial guarantee. The guarantee liability is subsequently carried at the higher of this amortised amount and the present value of any expected payment (when a payment under the guarantee has become probable).

Segment information

In accordance with the management approach of IFRS 8, operating segments are reported in accordance with the internal reports provided to the Board of Directors (the chief operating decision maker), which is responsible for allocating resources to the operating segments and assesses its performance.

The Group is divided into the following business units:

Commercial Banking Business Group
Investment Banking and Asset Management Business Group
Others

Commercial Banking Business Group

This is the Group's core business, which provides both individual and corporate clients/customers with financial intermediation services. This business segment includes the Group's local, international and representative offices offering commercial banking services.

Investment Banking and Asset Management Business Group (IBAM)

This is the investment-banking arm of the Group, providing advisory, asset management, markets and private equity services to a large institutional (corporations and governments) clientele.

Others

Others, comprises of First HoldCo Plc., the parent company, First Insurance Brokers Limited, Rainbow Town Development Limited and FBNQuest Merchant Bank Limited.

The Group's management reporting is based on a measure of operating profit comprising net interest income, loan impairment charges, net fee and commission income, other income and non-interest expenses. This measurement basis excludes the effect of non-recurring expenditure from the operating segments such as restructuring costs, legal expenses and goodwill impairments when the impairment is the result of an isolated, non-recurring events.

As the Board of Directors reviews operating profit, the results of discontinued operations are not included in the measure of operating profit. The transactions between segments are carried out at arm's length, which is consistent with the basis of transacting with external parties.

The information provided about each segment is based on the internal reports about segment profit or loss, assets and other information, which are regularly reviewed by the Board of Directors.

Segment assets and liabilities comprise operating assets and liabilities, being the majority of the consolidated statement of financial position.

Segment result of operations

Total revenue in the segment represents: Interest income, fee and commission income, foreign exchange income, net gains/losses on sale of investment securities, net gains/losses from financial instruments at fair value through profit/loss, dividend income, other operating income and share of profit/loss of associates.

The segment information provided to the Board of Directors for the reportable segments for the period ended March 31, 2026 is as follows:

	Commercial	Investment Banking	Others	Total
	Banking Group	and
		Asset Management
		Group
	N 'million	N 'million	N 'million	N 'million
For the period ended March 31, 2026 Total segment revenue	897,089	22,949	26,568	946,606
Inter-segment revenue	(60	144	(4,722	(4,638)
Revenue from external customers	897,029	23,093	21,846	941,968
Interest income	691,661	11,757	1,034	704,452
Interest expense	(259,246)	(6,451)	-	(265,697)
Profit before tax	286,116	15,045	19,954	321,115
Income tax expense	(49,167	(3,556	(538	(53,261)
Profit for the period from continuing operations	236,949	11,489	19,416	267,854
Profit for the period from discontinued operations	-	-	(58)	(58)
Impairment charge on losses	(42,058)	1,706	-	(40,352)
Depreciation	(15,928)	(212)	(171)	(16,311)
Amortisation	(4,321)	(22)	(2)	(4,345)

3 Segment information continued

	Commercial	Investment Banking	Others	Total
	Banking Group	and
		Asset Management
	N 'million	Group N 'million	N 'million	N 'million
At March 31, 2026 Total assets	26,130,931	611,004	136,989	26,878,924
Other measures of assets: Loans and advances to customers	9,438,087	653	123	9,438,863
Expenditure on non-current assets (PP&E)	519,681	4,015	1,732	525,428
Investment securities	6,280,875	270,081	27,846	6,578,802
Total liabilities	22,906,500	435,759	65,098	23,407,357
	Commercial	Investment Banking	Others	Total
	Banking Group	and
		Asset Management
		Group
	N 'million	N 'million	N 'million	N 'million
For the period ended March 31, 2025 Total segment revenue	724,547	16,762	5,646	746,955
Inter-segment revenue	(101	(31	(4,104	(4,236)
Revenue from external customers	724,446	16,731	1,542	742,719
Interest income	613,807	10,429	1,045	625,281
Interest expense	(254,217)	(5,871)	(1)	(260,089)
Profit before tax	170,381	16,066	32	186,479
Income tax expense	(16,179	(2,711	(195	(19,085)
Profit for the period from continuing operations	154,202	13,355	(163	167,394
Profit for the period from discontinued operations	-	-	3,703	3,703
Impairment charge for losses	(45,012)	7,761	-	(37,251)
Depreciation	(12,507)	(138)	(133)	(12,778)
Amortisation	(3,587)	(14)	(1)	(3,602)
At December 31, 2025
Total assets	26,677,899	520,797	52,239	27,250,935
Other measures of assets: Loans and advances to customers	8,965,608	590	123	8,966,321
Expenditure on non-current assets	536,609	2,796	1,789	541,194
Investment securities	6,770,137	188,573	11,377	6,970,087
Total liabilities	23,508,590	423,090	17,890	23,949,570
Geographical information
Revenues			31 Mar.	31 Mar.
			2026 N 'million	2025 N 'million
Nigeria			742,098	539,150

Outside Nigeria 199,870 203,569

Total 941,968 742,719

Non current asset

31 Mar.

31 Dec.

2026

N 'million

2025

N 'million

Nigeria

434,896

432,965

Outside Nigeria 90,532 108,229

Total 525,428 541,194

4	Interest income		GROUP			COMPANY
		Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
		31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
		2026	2026	2025	2026	2026	2025
		N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
	Investment securities	192,973	192,973	222,329	592	592	720
	Loans and advances to banks	45,923	45,923	38,780	565	565	4,141
	Loans and advances to customer	465,556	465,556	364,172	2	2	4
		704,452	704,452	625,281	1,159	1,159	4,865
5	Interest expense
			GROUP			COMPANY
		Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
		31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
		2026	2026	2025	2026	2026	2025
		N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
	Deposit from customer	194,112	194,112	156,434	-	-	-
	Deposit from banks	33,358	33,358	74,645	-	-	-
	Borrowings and others	38,227	38,227	29,010	-	-	1
		265,697	265,697	260,089	-	-	1
6	Impairment charge for losses
			GROUP			COMPANY
		Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
		31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
		2026	2026	2025	2026	2026	2025
		N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
	Loans and advances to banks
	12 - month ECL	25	25	-	-	-	-
	Investment securities
	12 - month ECL	(1,764)	(1,764)	14	-	-	-
	Loans and advances to customers
	Increase in impairment loss	41,990	41,990	41,225	-	-	-
	Bad debt written off	9	9	8	-	-	-
	Other assets
	(write-back)/Increase in impairment	-	-	(3,901)	-	-	-
	Off balance sheet
	Increase/(write-back) in impairment	92	92	(95)	-	-	-
		40,352	40,352	37,251	-	-	-
7a	Fee and commission income					GROUP
					Q1 ended 31 Mar.	Year to date 31 Mar.	Year to date 31 Mar.
					2026	2026	2025
					N 'million	N 'million	N 'million
	Credit related fees				14,635	14,635	7,671
	Letters of credit commissions and fees				14,038	14,038	12,374
	Electronic banking fees				20,752	20,752	20,139
	Commission on bonds and guarantees				1,628	1,628	2,299
	Funds transfer & intermediation fees				10,278	10,278	11,507
	Account Maintenance				10,462	10,462	8,913
	Brokerage and intermediations				4,587	4,587	1,579
	Custodian fees				6,865	6,865	5,008
	Financial advisory fees				2,186	2,186	383
	Fund management fees				3,791	3,791	2,991
	Other fees and commissions				6,898	6,898	4,858
					96,120	96,120	77,722

7b Fees and commission expense

GROUP

Q1 ended	Year to date	Year to date
31 Mar.	31 Mar.	31 Mar.
2026	2026	2025
N 'million	N 'million	N 'million

Fees and commission expense 17,209 17,209 13,615

Fee and commission expense primarily relates to charges raised by switching platforms on holders of First Bank Limited ATM cards, who make use of the other banks' machines while transacting business, and SMS alert related expenses.

8 Foreign exchange gains/(losses)

			GROUP			COMPANY
		Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
		31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
		2026	2026	2025	2026	2026	2025
		N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
	Foreign exchange trading income	27,293	27,293	14,025	-	-	-
	Foreign exchange revaluation (loss)/gain	(22,883)	(22,883)	66,456	(158)	(158)	-20
		4,410	4,410	80,481	(158)	(158)	(20)
9	Net gains/(losses) on sale of investment securities
			GROUP			COMPANY
		Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
		31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
		2026	2026	2025	2026	2026	2025
		N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
	Gains/(losses) on sale of investment securities	46,568	46,568	136	-	-	(54)
		46,568	46,568	136	-	-	(54)

Net gains/(losses) from financial instruments at fair value through profit or loss

GROUP

COMPANY

	Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
	2026	2026	2025	2026	2026	2025
	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
Trading gains on debt securities	23,745	23,745	9,200	-	-	-
Fair value gains/(losses)	21,534	21,534	(57,114)	-	-	-
	45,279	45,279	(47,914)	-	-	-

Dividend income

GROUP

COMPANY

Q1 ended		Year to date	Year to date	Q1 ended	Year to date	Year to date
31 Mar.		31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
2026		2026	2025	2026	2026	2025
N 'million		N 'million	N 'million	N 'million	N 'million	N 'million
FirstCap Limited	-	-	-	3,700	3,700	-
First Trustees Limited	-	-	-	99	99	-
First Insurance Brokers Limited	-	-	-	100	100	-
First Asset Management Limited	-	-	-	420	420	-
Others*	890	890	161	-	-	-
	890	890	161	4,319	4,319	-

*This represents dividend income earned from other equity investments held by subsidiaries of First HoldCo Plc

12 Other operating income	Q1 ended	GROUP Year to date	Year to date	Q1 ended	COMPANY Year to date	Year to date
	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
	2026	2026	2025	2026	2026	2025
	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
Gain on sale of property and equipment	658	658	46	-	-	-
Recoveries	19,276	19,276	1,154	-	-	-
Other income	23,233	23,233	5,868	19,897	19,897	-
	43,167	43,167	7,068	19,897	19,897	-
13 Operating expenses		GROUP			COMPANY
	Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
	2026	2026	2025	2026	2026	2025
	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
Directors' emoluments	1,582	1,582	1,548	150	150	190
AMCON levy	54,176	54,176	55,111	-	-	-
Deposit insurance premium	16,838	16,838	16,699	-	-	-
IT Maintenance	29,009	29,009	10,533	-	-	-
Other Repairs & Maintenance	10,436	10,436	5,392	22	22	40
Other statutury fees	2,888	2,888	2,040	61	61	36
Insurance premium	2,011	2,011	1,882	65	65	62
Rent and rates	2,338	2,338	2,270	-	-	-
Advert and corporate promotions	13,575	13,575	19,139	66	66	101
Professional fees	8,435	8,435	7,792	93	93	92
Donations and subscriptions	1,198	1,198	1,583	24	24	18
Stationery and printing	497	497	709	17	17	15
Communication, light and power	9,918	9,918	7,553	8	8	7
Cash handling charges	1,980	1,980	1,571	-	-	-
Operational and other losses	7,886	7,886	4,308	-	-	-
Passages and travels	6,794	6,794	7,288	74	74	125
Outsourced cost	13,582	13,582	12,931	10	10	9
Bank charges	1,252	1,252	746	8	8	5
Other operating expenses	3,277	3,277	2,250	169	169	96
	187,672	187,672	161,345	767	767	796
14 Taxation - Income tax expense		GROUP			COMPANY
	Q1 ended	Year to date	Year to date	Q1 ended	Year to date	Year to date
	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.	31 Mar.
	2026	2026	2025	2026	2026	2025
	N 'million	N 'million	N 'million	N 'million	N 'million	N 'million
Current income tax	51,768	51,768	15,720	301	301 25
Origination of temporary deferred tax
differences	1,493	1,493	3,365	-	- -
Income tax expense	53,261	53,261	19,085	301	301 25

Cash and balances with central banks

GROUP

	31 Mar. 2026 N 'million	31 Dec. 2025 N 'million
Cash	344,173	305,928
Balances with central banks excluding mandatory reserve deposits	356,366	624,686
	700,539	930,614
Mandatory reserve deposits with Central Banks	4,195,840	4,143,625
	4,896,379	5,074,239

Mandatory reserve deposits with Central Banks represents a percentage of customers' deposits (prescribed from time to time by the Central Banks) which are not available for daily use. For the purposes of the Statement of cashflow, this balance is excluded from cash and cash equivalents.

Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents comprise balances with less than three months' maturity from the date of acquisition, including cash in hand, deposits held at call with other banks and other short-term highly liquid investments with original maturities less than three months.

		GROUP 31 Mar.	31 Mar.	COMPANY 31 Mar.	31 Mar.
		2026 N 'million	2025 N 'million	2026 N 'million	2025 N 'million
	Cash	344,173	317,995	-	-
	Balances with central banks other than mandatory reserve deposits	356,366	483,699	-	-
	Loans and advances to banks excluding long term placements	2,510,954	3,504,165	11,048	37,451
	Treasury bills included in financial assets at FVTPL	-	21,405	-	-
	Treasury bills and eligible bills excluding pledged treasury bills	433,012	747,404	-	-
		3,644,505	5,074,668	11,048	37,451
17	Loans and advances to banks	GROUP		COMPANY
		31 Mar.	31 Dec.	31 Mar.	31 Dec.
		2026 N 'million	2025 N 'million	2026 N 'million	2025 N 'million
	Current balances with banks within Nigeria	641,641	787,111	3,165	2,041
	Current balances with banks outside Nigeria	1,059,962	1,324,705	-	-
	Placements with banks and discount houses	809,351	107,082	7,883	9,920
		2,510,954	2,218,898	11,048	11,961
	Long term placement/Cash collateral balance	754,488	1,239,450	-	-
	Carrying amount	3,265,442	3,458,348	11,048	11,961

18 Loans and advances to customers

GROUP COMPANY

		31 Mar. 2026 N 'million	31 Dec. 2025 N 'million	31 Mar. 31 Dec. 2026 2025 N 'million N 'million
	Overdrafts	1,414,668	983,829	- -
	Term loans	8,343,314	8,243,888	90 87
	Project finance	1,005	1,080	- -
	Less impairment allowance:	9,758,987	9,228,797	90 87
	- Stage 1	(34,499)	(38,043)	- -
	- Stage 2	(40,914)	(5,622)	- -
	- Stage 3	(244,711)	(218,811)	- -
		9,438,863	8,966,321	90 87
19	Financial assets at fair value through profit or loss	GROUP		COMPANY
		31 Mar.	31 Dec.	31 Mar. 31 Dec.
		2026 N 'million	2025 N 'million	2026 2025 N 'million N 'million
	Treasury bills with maturity of less than 90 days	-	97,619	-
	Treasury bills with maturity over 90 days	572,646	176,351	-
	Bonds	551,325	737,075	-
	Total debt securities	1,123,971	1,011,045	-
	Listed equity securities	9,562	16,041	-
	Unlisted securities	24,926	109,586	-
	Total equity securities	34,488	125,627	-
	Derivative assets	7,700	7,569	-
	Total assets at fair value through profit or loss	1,166,159	1,144,241	-

20 Investment Securities	GROUP		COMPANY
	31 Mar.	31 Dec.	31 Mar.	31 Dec.
	2026	2025	2026	2025
	N 'million	N 'million	N 'million	N 'million
20.1 Securities at fair value through other comprehensive income (FVOCI)
Debt securities - at fair value:
- Treasury bills with maturity of less than 90 days	34,646	411,828	-	-
- Treasury bills with maturity of more than 90 days	1,787,460	1,714,577	6,037	5,248
- Bonds	999,950	2,018,334	6,065	6,129
Equity securities - at fair value:
- Listed	20,272	10,680	-	-
- Unlisted	395,815	401,702	-	-
Total investment securities at FVOCI	3,238,143	4,557,121	12,102	11,377
20.2 Securities held at amortised cost
Debt securities - at amortised cost:
- Treasury bills with maturity of less than 90 days	398,366	576,771	2,000	-
- Treasury bills with maturity of more than 90 days	1,068,774	255,772	-	-
- Bonds	1,873,519	1,580,423	13,744	-
Total securities classified as amortised cost	3,340,659	2,412,966	15,744	-
	6,578,802	6,970,087	27,846	11,377

21 Assets pledged as collateral

The assets pledged by the Group are strictly for the purpose of providing collateral to the counterparties. To the extent that the counterparty is not permitted to sell and/or repledge the assets in the absence of default, they are classified in the statement of financial position as pledged assets. These transactions are conducted under terms that are usual and customary to standard securities borrowing and lending activities.

	The nature and carrying amounts of the assets pledged as collaterals are as follows:			GROUP
				31 Mar.	31 Dec.
				2026 N 'million	2025 N 'million
	Treasury bills			114,472	181,687
	Bonds			43,973	161,925
				158,445	343,612
22	Other assets	GROUP		COMPANY
		31 Mar.	31 Dec.	31 Mar.	31 Dec.
		2026 N 'million	2025 N 'million	2026 N 'million	2025 N 'million
	Financial assets: Accounts receivable	594,746	541,248	72,670	18,608
		594,746	541,248	72,670	18,608
	Impairment on financial other asset	(87,672)	(91,835)	(14)	(14)
		507,074	449,413	72,656	18,594
	Non Financial assets: Stock of consumables Inventory (i)	111,728	113,859	15	26
	Prepayments	102,014	59,923	892	180
	Others	20,669	19,099	71	-
		234,411	192,881	978	206

		741,485	642,294	73,634	18,800
	(i) Inventory: This is made up of repossessed collateral and stock of consumables.

23 Investment in associates (equity method)

Seawolf Oilfield Services Limited (SOSL)
First HoldCo Plc. holds 42% shareholding in Seawolf Oilfields Services Limited (SOSL). SOSL is a company incorporated in Nigeria and is involved in the oil and gas sector. SOSL has share capital consisting only of ordinary share capital which are held directly by the group; the country of incorporation or registration is also their principal place of business. SOSL is not publicly traded and there is no published price information.
In 2014, Asset Management Corporation of Nigeria (AMCON), a major creditor of SOSL, appointed a receiver manager to take over the business. Hence, the investment has been fully impaired since then.
First Asset Balanced Fund (Formerly FBN Balanced Fund)

First Asset Balanced Fund (Formerly FBN Balanced Fund) is an open-ended Securities and Exchange Commission (SEC) registered mutual fund that invests in stocks, bonds, money market instruments, real estate and other securities in the Nigerian Capital Market. The fund manager publishes daily unit price of the fund on the memorandum listing section of the Nigerian Exchange. The unit price of the fund as at reporting date was N534.53 (Cost: N100). First Asset Balanced Fund's principal place of business is Nigeria while the its principal activity is Fund management. The Group's ownership interest in the Fund is 28.23%.

		GROUP		COMPANY
		31 Mar.	31 Dec.	31 Mar.	31 Dec.
		2026	2025	2026	2025
		N 'million	N 'million	N 'million	N 'million
	SOSL
	Cost	10,375	10,375	10,375	10,375
	Impairment loss/accumulated share of loss	(10,375)	(10,375)	(10,375)	(10,375)
		-	-	-	-
	First Asset Balanced Fund
	Balance at beginning of the period	3,109	2,540	-	-
	Dividend received	-	(293)	-	-
	Disposal of investment in associate	-	(2,397)	-	-
	Additional investment in associate	-	2,397	-	-
	Gain on disposal of investment in associate	-	239	-	-
	Share of profit	1,082	737	-	-
	Reduction in share capital	-	(107)	-	-
	Share of other comprehensive income	-	(7)	-	-
	At end of the period	4,191	3,109	-	-
24	Investment in subsidiaries
(a)	Principal subsidiary undertakings
				COMPANY
				31 Mar.	31 Dec.
				2026	2025
				N 'million	N 'million
	DIRECT SUBSIDIARIES OF FIRST HOLDCO PLC
	First Bank of Nigeria Limited (Note 23 (i))			500,027	500,027
	FirstCap Limited (Note 23 (ii))			5,812	5,812
	First Insurance Brokers Limited (Note 23 (iii))			25	25
	First Trustees Limited (Note 23 i(v))			4,521	4,521
	First Securities Brokers Limited (Note 23 (v))			1,228	1,228
	First Asset Management Limited (Note 23 (vi))			289	289
				511,902	511,902
	INDIRECT SUBSIDIARIES OF FIRST HOLDCO PLC
	FBNQuest Funds Limited (Note 23 (vii))			4,550	4,550
				4,550	4,550
				516,452	516,452

All shares in subsidiary undertakings are ordinary shares. For all periods shown, the Group owns the total issued shares in all its subsidiary undertakings except Rainbow Town Development Limited in which it owns 55% (through New Villa Limited). There are no significant restrictions on any of the subsidiaries. All subsidiary undertakings are included in the consolidation except as otherwise stated. The proportion of the voting rights in the subsidiary undertakings held directly by the parent company and the Group do not differ from the proportion of ordinary shares held.

Proportion of Proportion of

Subsidiary

Principal activity Country of

incorporation

shares held directly by parent (%)

shares held directly by the Group (%)

Statutory year end

First Bank of Nigeria Limited (Note 23 (i)) FirstCap Limited (Note 23 (ii))

First Insurance Brokers Limited (Note 23 (iii))

First Trustees Limited (Note 23 (iv))

First Securities Brokers Limited (Note 23 (v))

Commercial Banking Investment Banking

Insurance Brokerage Trusteeship

Equity and Brokerage Services

Nigeria 100 100 31 December

First Asset Management Limited (Note 23 (vi)) Asset Management Services Nigeria 100 100 31 December

FBNQuest Funds Limited (Note 23 (vii)) New Villa Limited (Rainbow Town Development Limited) (Note 23 (viii))

Funds Management

Investment and General Trading

Nigeria 100 100 31 December

Nigeria 55 55 31 December

First Bank of Nigeria Limited
The bank commenced operations in Nigeria in 1894 as a branch of Bank of British West Africa (BBWA), and was incorporated as a private limited liability company in Nigeria in 1969. The Bank was the parent company of the Group until 30 November 2012, when a business restructuring was effected in accordance with the directives of the Central Bank of Nigeria and First HoldCo Plc became the parent company of the Group.
FirstCap Limited
FirstCap Limited (FBNQuest Capital Limited) is a private limited liability company incorporated in Nigeria and commenced operations on 1 April 2005. It is registered with the Securities and Exchange Commission (SEC) to undertake issuing house business. It is also involved in the business of asset management and financial advisory.
First Insurance Brokers Limited
The company was incorporated under the Companies and Allied Matters Act, as a limited liability company on March 31, 1994 with the name 'Trust Link Insurance Brokers Limited'. The company prepared financial statements up to March 31, 1998 after which it became dormant. The company was resuscitated on April 1, 2000 as FBN Insurance Brokers Limited. The principal activity of the company is insurance brokerage business.
First Trustees Limited
First Trustees Limited (FBNQuest Trustees Limited) was incorporated in Nigeria as a limited liability company on 8 August 1979 and commenced business on 3 September 1979. The company was established to engage in the business of trusteeship as well as portfolio management, financial/ investment advisory services.
First Securities Brokers Limited
The Company was incorporated as a private limited liability company on 23 July, 1991 and is a wholly owned subsidiary of First HoldCo Plc. The name of the Company was first changed from Premium Securities Limited to FBN Securities Limited on 25 February, 2008 and approval obtained from the Corporate Affairs Commission (CAC) on 26 March, 2008. Furthermore, the CAC approval was equally granted on 25 October, 2017 to change the name to FBNQuest Securities Limited. Subsequently, CAC approved the change of name to First Securities Brokers Limited effective 24 February 2025.
First Asset Management Limited
The Company was incorporated on 8 September 2011 and commenced operations on 1 January, 2013. It is registered with the Securities and Exchange Commission to undertake asset management business.
FBNQuest Funds Limited
FBNQuest Funds Limited was incorporated on 14 November 2002. It commenced operations on 1 April 2003. Its principal activities are to carry on venture capital and private equity business.
New Villa Limited (Rainbow Town Development Limited)

This is a special purpose vehicle incorporated on 28 November 2008. Its principal activities include real estate investments and general trading. The investment was fully impaired in December 2016. This subsidiary is reclassified as discontinued operations.

First HoldCo Plc.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT MARCH 31, 2026

24 (b) Condensed results of consolidated entities

				First	First Asset First Securities			Rainbow Town
	First HoldCo	First Bank	FirstCap	Trustees	Management	Brokers	First Insurance	Development
	Plc.	Limited	Limited	Limited	Limited	Limited	Brokers Limited	Limited	Total	Adjustments	Group
Summarized Income Statement for the period ended March 31,	N'million	N'million	N'million	N'million	N'million	N'million	N'million	N'million	N'million	N'million	N'million
2026
Operating income	25,217	620,547	6,115	2,868	5,434	1,021	1,351	-	662,553	(4,573)	657,980
Operating expenses	(1,362)	(292,651)	(950)	(708)	(1,342)	(277)	(559)	-	(297,849)	254	(297,595)
Impairment charge for losses	-	(42,058)	1,722	-	-	(16)	-	-	(40,352)	-	(40,352)
Operating profit	23,855	285,838	6,887	2,160	4,092	728	792	-	324,352	(4,319)	320,033
Share of profit of associates	-	-	938	-	-	-	-	-	938	144	1,082
Profit before tax	23,855	285,838	7,825	2,160	4,092	728	792	-	325,290	(4,175)	321,115
Income tax expense	(301)	(49,167)	(1,359)	(750)	(1,228)	(219)	(237)	-	(53,261)	-	(53,261)
Profit for the period	23,554	236,671	6,466	1,410	2,864	509	555	-	272,029	(4,175)	267,854
Profit from discontinued operations	-	-	-	-	-	-	-	(58)	(58)	-	(58)
Other comprehensive income/(loss)	(22)	(95,012)	(1,059)	(1,500)	-	(1)	-	-	(97,594)	-	(97,594)
Total comprehensive income/(loss)	23,532	141,659	5,407	(90)	2,864	508	555	(58)	174,377	(4,175)	170,202
Summarized Financial Position as at March 31, 2026
Assets
Cash and balances with central banks	-	4,896,379	-	-	-	-	-	-	4,896,379	-	4,896,379
Loans and advances to banks	11,048	3,161,512	106,030	6,315	10,268	1,860	2,416	-	3,299,449	(34,007)	3,265,442
Loans and advances to customers	90	9,445,077	225	33	289	106	33	-	9,445,853	(6,990)	9,438,863
Financial assets at fair value through profit or loss	-	1,106,553	45,703	-	8,986	4,917	-	-	1,166,159	-	1,166,159
Investment securities	27,846	6,280,875	239,375	24,974	4,540	1,192	-	-	6,578,802	-	6,578,802
Assets pledged as collateral	-	158,445	-	-	-	-	-	-	158,445	-	158,445
Other assets	73,634	497,707	75,340	3,311	6,180	256	292	-	656,720	84,765	741,485
Investment in associates	-	-	4,191	-	-	-	-	-	4,191	-	4,191
Investment in subsidiaries	516,452	-	-	-	-	-	-	-	516,452	(516,452)	-
Property and equipment	1,494	519,681	2,301	811	748	155	238	-	525,428	-	525,428
Intangible assets	-	37,584	2	265	478	7	13	-	38,349	-	38,349
Deferred tax assets	-	34,152	-	-	-	-	-	-	34,152	-	34,152
Assets held for sale	-	-	-	-	-	-	-	31,229	31,229	-	31,229
	630,564	26,137,965	473,167	35,709	31,489	8,493	2,992	31,229	27,351,608	(472,684)	26,878,924
Financed by
Deposits from banks	-	2,530,935	-	-	-	-	-	-	2,530,935	-	2,530,935
Deposits from customers	-	18,414,944	-	-	-	-	-	-	18,414,944	(34,540)	18,380,404
Financial liabilities at fair value through profit or loss	-	19,652	-	-	-	-	-	-	19,652	-	19,652
Current income tax liabilities	643	159,179	4,727	3,147	6,418	628	552	-	175,294	-	175,294
Other liabilities	60,528	766,607	82,211	2,677	2,923	4,223	1,413	-	920,582	(3,249)	917,333
Borrowings	-	1,038,173	323,038	6,990	-	-	-	-	1,368,201	(6,990)	1,361,211
Retirement benefit obligations	-	11,550	1	3	-	-	-	-	11,554	-	11,554
Deferred tax liabilities	-	-	5,314	2,643	1,144	19	71	-	9,191	-	9,191
Liabilities held for sale	-	-	-	-	-	-	-	1,783	1,783	-	1,783
	61,171	22,941,040	415,291	15,460	10,485	4,870	2,036	1,783	23,452,136	(44,779)	23,407,357
Equity and reserves	569,393	3,196,925	57,876	20,249	21,004	3,623	956	29,446	3,899,472	(427,905)	3,471,567

25 Property and equipment	GROUP		COMPANY
	31 Mar.	31 Dec.	31 Mar.	31 Dec.
	2026	2025	2026	2025
Cost	794,142	806,238	4,059	4,011
Accumulated Depreciation (268,714) (265,044) (2,565) (2,669)
Net Book Value	525,428	541,194	1,494	1,342
26 Intangible assets
			GROUP
			31 Mar.	31 Dec.
			2026	2025
			N 'million	N 'million
Goodwill			7,560	9,566
Software - Cost			126,076	121,360
Software - Accumulated Amortisation			(95,287)	(94,608)
			38,349	36,318
27 Deferred tax assets and liabilities
			GROUP
			31 Mar.	31 Dec.
			2026	2025
			N 'million	N 'million
Deferred tax assets			34,152	39,916
Deferred tax liabilities			9,191	13,462

Deferred income taxes are calculated on all temporary differences under the liability method using an effective tax rate of 30% (2025: 30%).

Asset Held for Sale
1. Discontinued operations:

The assets classified as held for sale includes Rainbow Town Development Limited.

(i) Rainbow Town Development Limited

The assets and liabilities of Rainbow Town Development Limited (RTDL) were classified as held for sale following the decision and resolution of the Board of Directors of First HoldCo. Plc. to dispose the Group's interest in RTDL. The carrying amount of the investment is expected to be recovered principally by a sale rather than through continuing use.

The operating results are separately presented in the income statement because the disposal group represents a separate line of business within the Group, and as such meets the definition of discontinued operations.

28.2 The carrying amount of the assets and liabilities of the disposal group classified as held for sale are as listed below.
	GROUP
	31 Mar.	31 Dec.
	2026	2025
	N 'million	N 'million
Assets classified as held for sale
Inventory	31,220	31,247
Property, plant and equipment	4	4
Intangible assets	5	5
	31,229	31,256

GROUP

	31 Mar. 2026 N 'million	31 Dec. 2025 N 'million
Liabilities classified as held for sale Current tax liabilities	6	6
Other liabilities	1,777	1,777
	1,783	1,783
Net Assets	29,446	29,473

28.3 The operating results of the discontinued operations are as follows.	GROUP
	31 Mar.	31 Mar.
	2026	2025
	N 'million	N 'million
Interest income	-	14,992
Interest expense	-	(10,243)
Net interest income	-	4,749
Impairment charge for losses	-	(264)
Net interest income after impairment charge for losses	-	4,485
Fee and commission income	-	2,176
Net fee and commission income	-	2,176
Foreign exchange income/(loss)	-	426
Net loss from financial instruments	-	960
Other operating income	-	15
Operating expenses	(58)	(3,602)
Profit before tax from discontinuing operations	(58)	4,460
Income tax expense	- (757)
(Loss)/Profit from discontinued operations	(58) 3,703
Profit from discontinued operations is attributable to:
Owners of the parent	(32) 3,716
Non-controlling interests	(26) (13)
	(58) 3,703

The operating results of discontinued operations for prior period include FBNQuest Merchant Bank. The disposal was concluded in 2025

29 Deposits from banks	GROUP
	31 Mar.	31 Dec.
	2026	2025
	N 'million	N 'million
Due to banks within Nigeria	1,518,808	1,320,337

Due to banks outside Nigeria 1,012,127 698,666

2,530,935 2,019,003

Deposits from banks only include financial instruments classified as liabilities at amortised cost.

30 Deposits from customers	GROUP 31 Mar. 2026 N 'million	31 Dec. 2025 N 'million
Current	5,828,325	5,709,769
Savings	4,247,753	4,631,126
Term	3,867,489	3,269,070
Domiciliary	4,432,380	5,207,647

Electronic purse 4,457 65,397

18,380,404 18,883,009

Deposits from customers only include financial instruments classified as liabilities at amortised cost.

31 Financial liabilities at fair value through profit or loss

GROUP

31 Mar. 31 Dec.

2026 2025

N 'million N 'million

Derivative liabilities 13,693 26,933

Debt Securities 5,959 35,059

19,652 61,992

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