First HoldCo has emerged as Nigeria's most-capitalized banking stock after a strong rally in its share price lifted its market value to about 4.8 trillion naira, overtaking Zenith Bank, which ended the session valued at about 4.79 trillion naira, while GTCo followed closely at 4.71 trillion naira.
The shift places the three tier-one lenders within less than 100 billion naira of one another, a gap narrow enough that a single strong trading session could reorder the ranking at the top of the Nigerian banking sector.
The rally followed the release of First HoldCo's half-year results earlier in the day, in what the group described as the strongest first-half performance in its history.
Pre-tax profit climbed 83.5 per cent to 653.54 billion naira, while second-quarter pre-tax profit rose to 332.42 billion naira, almost doubling the figure recorded in the same period last year.
Management attributed the performance to stronger operating performance, improved asset quality and continued growth in its transaction banking and non-interest income businesses, as the group builds on efforts to strengthen its capital base.
On the trading floor, First HoldCo shares closed at 105.50 naira, gaining 10 per cent following the release of the earnings, a record level that helped push its market capitalisation to an all-time high.
Investor sentiment has been further strengthened by increased investment from the group's chairman, the billionaire Femi Otedola, whose combined stake has risen to 20.4 per cent, a move analysts see as reinforcing confidence in the group's long-term growth strategy.