GTCO Posts ₦603bn Pre-Tax Profit as Deposits Surge 10.3% to ₦14.2tn

Guaranty Trust Holding Company Plc (GTCO) has reported a ₦603.03 billion profit before tax (PBT) for the six months ended June 30, 2026, as stronger interest and trading income supported the Group’s performance despite a significant fair-value loss.

The financial statements, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), showed that interest income increased by 7.5% year-on-year, while trading income rose by 24.7%.

However, a ₦46.2 billion fair-value loss recognised during the first half of 2026 moderated the Group’s earnings growth, leaving year-on-year PBT growth at 0.4%.

GTCO’s balance sheet continued to expand, with total assets rising to ₦18.6 trillion, while shareholders’ funds stood at ₦3.3 trillion.

The Group also recorded significant growth in customer deposits, which climbed 10.3% from ₦12.87 trillion in December 2025 to ₦14.19 trillion by June 2026.

Its net loan book, however, grew only marginally by 0.5%, from ₦3.13 trillion to ₦3.15 trillion over the same period.

Asset quality improved during the period. Group-level IFRS 9 Stage 3 loans declined to 3.5%, compared with 5.0% at the end of 2025, while the Bank’s Stage 3 loans stood at 4.6%, according to the results.

The Group’s Cost of Risk also fell sharply to 0.6% from 2.2%, reflecting lower credit impairment pressure.

GTCO maintained a strong capital position, with its Group Capital Adequacy Ratio at 34.9%, while the banking subsidiary recorded 29.2%.

Other key performance indicators included a 35.9% pre-tax return on average equity, 6.6% pre-tax return on average assets, and a 31.5% cost-to-income ratio.

Commenting on the results, GTCO Group Chief Executive Officer, Segun Agbaje, said the performance demonstrated the resilience of the Group’s franchise and balance sheet, while noting that fair-value movements had weighed on reported earnings.

Agbaje said the Group would focus on disciplined execution and responsible growth, with digital technology serving as a key driver of expansion across its Banking, Payments, Pension and Funds Management businesses.

The results also underscore GTCO’s ongoing transition from a predominantly banking focused institution into a broader financial services group, with operations spanning Africa and the United Kingdom and businesses covering banking, payments, pension administration and funds management.