Guaranty Trust Holding Company Plc (GTCO) recorded N603.03 billion in pre-tax profit in the first half of 2026, a marginal 0.35% increase from N600.90 billion recorded in the corresponding period of 2025.
The financial services group also declared an interim dividend of N1.00 per ordinary share, according to its unaudited results for the six months ended June 30, 2026.
GTCO’s gross earnings rose 3.25% year-on-year to N1.11 trillion from N1.07 trillion, supported mainly by higher interest income.
Interest income increased 7.51% to N873.39 billion from N812.36 billion. However, interest expense also rose sharply by 24.24% to N223.79 billion, limiting the growth in net interest income to 2.75%, at N649.60 billion.
The bank’s earnings also benefited significantly from lower credit losses. Loan impairment charges fell 65.94% to N18.72 billion from N54.97 billion in H1 2025.
As a result, net interest income after impairment charges increased 9.29% to N630.88 billion. GTCO also recorded a N34.86 billion impairment reversal on other financial assets during the period.
However, weaker non-interest income and higher operating costs limited the impact of these gains. Net fee and commission income fell 8.98% to N123.03 billion, while other income declined to N44.35 billion from N70.92 billion. Trading gains provided some offset, rising to N47.30 billion from N37.92 billion.
Total operating income consequently increased by just 2.96% to N845.56 billion.
Profit After Tax Falls 7.76%
Despite the marginal increase in pre-tax profit, GTCO’s profit after tax declined 7.76% to N414.19 billion from N449.01 billion.
The decline was largely linked to a higher income tax charge, which increased 24.33% to N188.85 billion from N151.89 billion.
Operating expenses also increased 7.31% to N277.39 billion. Depreciation and amortisation rose 41.82% to N54.31 billion, while personnel expenses increased 4.72% to N56.97 billion.
Earnings per share consequently declined 17.73% to N11.18 from N13.59 while deposits rise 11.3% as lending remains almost flat
GTCO’s total assets increased 4.81% to N18.62 trillion from N17.76 trillion at the end of December 2025. Customer deposits grew 11.32% to N13.97 trillion from N12.55 trillion, providing most of the funding for the balance-sheet expansion.
However, loans and advances to customers increased by only 0.48% to N3.15 trillion from N3.13 trillion.
Investment securities rose 21.78% to N6.73 trillion, indicating that a significant portion of the additional funding was deployed into securities rather than customer lending. Cash and cash equivalents declined, while total liabilities increased 6.63% to N15.30 trillion.
Total equity fell 2.82% to N3.32 trillion, with retained earnings declining 5.98% to N1.62 trillion.
GTCO Shares Gain 51% in 2026
GTCO shares closed at N137.00 on September 28, 2026, unchanged from the previous trading session.
The stock has gained 51.05% year-to-date, rising from N90.70 at the beginning of 2026.
The shares have also gained 5.38% since September 18, when they traded at N130.00. The stock reached N137.50 on September 23 before settling at N137.00.
The N1.00 interim dividend will be payable to shareholders on the register as of the applicable closure date.
