Guaranty Trust Holding Company (GTCO) reported a 40% decline in pre-tax profit to ₦600.9 billion for the half-year ended June 2025.
The tier bank’s profit after tax plummeted more than halve from ₦905.6 billion to ₦449 billion, as foreign exchange trading gains evaporated and operational costs surged across all business segments.
GTCO’s gross earnings contracted sharply by 23% to ₦1.07 trillion from ₦1.39 trillion in H1 2024, primarily driven by reduced FX trading activity and revaluation income.
However, the bank demonstrated resilience in its core lending business, with net interest income climbing an impressive 29% to ₦632.2 billion, supported by aggressive loan expansion and higher yields in Nigeria’s rising interest rate environment.
The most striking aspect of GTCO’s performance was the collapse of other income from ₦630.3 billion to just ₦70.9 billion, highlighting the bank’s previous dependence on extraordinary FX-related gains.
Operating expenses simultaneously surged 22% to ₦220.5 billion.
Earnings per share collapsed from ₦32.12 to ₦13.59, representing a 58% decline that underscores the severity of GTCO’s profitability challenges.
Despite this dramatic earnings contraction, the board maintained shareholder confidence by proposing an interim dividend of ₦1.00 per share, totaling ₦34.1 billion, with withholding tax applied at payment.
GTCO’s total assets grew 13% to ₦16.69 trillion, supported by robust customer deposit growth of 19% to ₦11.88 trillion and loans expansion of 21% to ₦3.36 trillion. Shareholders’ equity increased 10% to ₦2.99 trillion.
