GTCO posts N879.9bn pre-tax profit

Guaranty Trust Holding Company Plc. Photo: GTCO

Guaranty Trust Holding Company Plc has released its unaudited financial statements for the nine months ended 30 September 2026, reporting a profit before tax of N879.9bn.

According to the group’s financial filing submitted to the Nigerian Exchange Group and the London Stock Exchange, the performance was driven by sustained growth across core earnings lines, with interest income, fees and commission income, and trading income rising year-on-year by 5.0 per cent, 1.4 per cent, and 3.1 per cent, respectively.

The Holdco noted that the resilient performance was achieved despite a N87.9bn fair value loss recognised during the period, which resulted in a slight 2.3 per cent moderation in profit before tax from N900.8bn recorded in the corresponding period of 2025. Profit after tax closed at N614.6bn compared to N699.6bn in Q3 2025, reflecting changes to Companies Income Tax regulations that impacted capital allowance reliefs.

GTCO’s balance sheet expanded during the nine months, with total assets growing 3.5 per cent to N18.37tn from N17.76tn in December 2025, while shareholders’ funds closed at N3.5tn. The group maintained a strong capital adequacy ratio of 34.2 per cent, while the bank’s capital adequacy ratio stood at 33.9 per cent.

Deposit liabilities grew 8.6 per cent from N12.87tn in December 2025 to N13.98tn in September 2026, underscoring the expansion of the group’s deposit franchise. However, its net loan book moderated by 4.1 per cent to N3.00tn, in alignment with a disciplined approach to risk asset creation.

Asset quality improved as the non-performing loan ratio closed at 4.0 per cent at the group level, down from 5.0 per cent in December 2025, while cost of risk eased to 0.9 per cent from 2.2 per cent. Coverage for credit-impaired loans also rose to 130.7 per cent from 106.9 per cent. Funded income accounted for 77.8 per cent of gross earnings, while net core earnings grew 4.4 per cent to N1.505tn.

• GTCO launches Google Pay for local, international payments
• Exchange group’s profit before tax climbs to N20.6bn
• NGX rallies as index surges to 251,290 points

Commenting on the financial results, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, highlighted the resilience of the group’s operating model.

“Our performance in Q3 reflects the strength of a franchise built on scale, efficiency and discipline,” Agbaje said. “Despite a challenging operating environment and significant fair value losses in the period, our core earnings continued to grow, our deposit base expanded strongly, our cost efficiency remains among the best in the industry, and our balance sheet remains strong, liquid and well capitalised.”

He added that the financial institution remains strategically positioned to navigate shifting macroeconomic conditions while driving sustainable value creation across its banking, payments, pension, and funds management businesses.

“Looking ahead, we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve, without compromising the quality of our risk assets,” Agbaje stated. “We will also continue to evolve our platforms and adapt to new technologies to meet the changing needs of our customers, as we remain focused on delivering sustainable value and superior returns to our shareholders.”

The group recorded key financial metrics during the period, including a pre-tax return on average equity of 34.0 per cent, a pre-tax return on average assets of 6.5 per cent, and a cost-to-income ratio of 31.2 per cent.