GTCO Records N603bn Profit Before Tax in First Half of 2026

Guaranty Trust Holding Company Plc (GTCO) recorded N603.03 billion in Group profit before tax (PBT) in the first half of 2026, driven by growth in interest and trading income.

The company disclosed this in its audited consolidated and separate financial statements for the six months ended June 30, 2026, filed with the Nigerian Exchange Group and the London Stock Exchange.

Interest income grew by 7.5% year-on-year, while trading income increased by 24.7% during the period.

However, a N46.2 billion fair value loss recorded in the first half moderated the overall performance, limiting year-on-year growth in profit before tax to 0.4%.

GTCO’s total assets rose to N18.6 trillion, while shareholders’ funds closed at N3.3 trillion.

The group’s capital position remained strong, with its Capital Adequacy Ratio standing at 34.9%, compared with 29.2% at the bank level.

Asset quality also improved, with IFRS 9 Stage 3 loans closing at 3.5% for the bank and 4.6% for the group, compared with 3.4% and 5.0% respectively at the end of 2025. Cost of Risk also declined to 0.6% from 2.2%.

GTCO’s net loan book increased marginally from N3.13 trillion in December 2025 to N3.15 trillion in June 2026, representing a 0.5% rise.

Deposits, however, recorded stronger growth, climbing 10.3% from N12.87 trillion to N14.19 trillion over the same period.

Commenting on the results, GTCO Group Chief Executive Officer, Segun Agbaje, said the performance reflected the resilience of the group’s balance sheet and its growing diversification beyond traditional banking.

“Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level,” Agbaje said.

He added that GTCO would focus on disciplined growth, with digital technology serving as a key driver across its banking, payments, pension and funds management businesses.

The group reported a pre-tax return on equity of 35.9%, pre-tax return on assets of 6.6%, capital adequacy ratio of 34.9% and cost-to-income ratio of 31.5%.