GTCO PBT rises to N603bn, declares N1 interim dividend

Guaranty Trust Holding Company Plc (GTCO) reported a profit before tax of N603.03 billion for the half year ended June 30, 2026, representing a marginal 0.4 percent increase over the corresponding period of 2025, as fair value losses moderated stronger underlying earnings.

The financial services group also declared an interim dividend of N1 per share, while interest income and trading income rose by 7.5 percent and 24.7 percent year-on-year respectively.

According to the audited results released yesterday to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), GTCO’s earnings growth was constrained by a N46.2 billion fair value loss recognised during the first half of the year.

The group said the loss moderated the growth in profit before tax despite stronger performance across its interest and trading income lines.

GTCO’s balance sheet continued to expand during the period, with total assets rising to ₦lN18.6 trillion, while shareholders’ funds closed at N3.3 trillion.

The group’s deposit liabilities recorded stronger growth, rising 10.3 percent from N12.87 trillion at the end of December 2025 to N14.19 trillion by June 2026.

This contrasted with marginal growth in the net loan book, which increased 0.5 percent from ₦3.13 trillion to N3.15 trillion during the six-month period.

The lender also reported an improvement in asset quality, with IFRS 9 Stage 3 loans declining to 3.5 percent at the bank level and 4.6 percent at group level, compared with 3.4 percent and 5.0 percent respectively at the end of 2025.

Cost of risk also improved significantly to 0.6 percent from 2.2 percent during the comparable period.

GTCO maintained a strong capital position, with its group Capital Adequacy Ratio standing at 34.9 percent, while the bank recorded a CAR of 29.2 percent.

The group reported a pre-tax return on equity of 35.9 percent and pre-tax return on assets of 6.6 percent, while its cost-to-income ratio stood at 31.5 percent.

Commenting on the results, Segun Agbaje, Group Chief Executive Officer, GTCO, said the performance reflected the resilience of the group’s franchise and balance sheet, despite the impact of fair value movements on reported earnings.

“Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone,” Agbaje said.

He added that interest and trading income grew, deposits strengthened and asset quality improved at group level.

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“The priority now is to execute with discipline and grow responsibly. Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group,” he said.

The results come as GTCO continues to broaden its operations beyond conventional banking into payments, pension and funds management businesses across its operating markets in Africa and the United Kingdom.

The group said growth was recorded across the jurisdictions where it operates banking franchises, as well as its payments, pension and funds management businesses.

The N1 interim dividend provides shareholders with a cash distribution despite the marginal year-on-year growth in reported profit, with the company maintaining focus on balance-sheet expansion, capital strength and diversification of earnings.