Guaranty Trust Holding Company (GTCO) has released its audited financial result for the first half of 2026, posting a profit before tax of N603.03 billion. The company's result, released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE), showed a 0.4 per cent year-on-year growth in profit before tax. This growth was driven by strong performance recorded on the interest and trading income lines.
The interest income grew by 7.5 per cent year-on-year, while trading income grew by 24.7 per cent year-on-year. However, the strong earnings recorded was moderated by a N46.2 billion fair value loss recognised in the first half of 2026. This limited the year-on-year growth in profit before tax to 0.4 per cent. Despite this, the Group grew across its asset lines, reinforcing a balance sheet that is well structured, liquid and diversified.
GTCO's total assets closed at N18.6 trillion, while shareholders' funds closed at N3.3 trillion. The Capital Adequacy Ratio (CAR) remained very strong, closing at 34.9 per cent for the Group and 29.2 per cent for the bank. Asset quality also improved, as evidenced by IFRS 9 Stage 3 Loans, which closed at 3.5 per cent and 4.6 per cent at both Bank and Group Level in the first half of 2026.
This improvement in asset quality is a positive trend for the company, as it compares to -3.4 per cent and -5.0 per cent recorded in the 2025 financial year for Bank and Group, respectively. Additionally, the Cost of Risk (COR) improved to 0.6 per cent from 2.2 per cent during the same period. The Group's Loan book (net) grew marginally by 0.5 per cent from N3.13 trillion as of December 2025 to N3.15 trillion in June 2026.
On the other hand, deposit liabilities grew by 10.3 per cent from N12.87 trillion to N14.19 trillion during the same period. This growth in deposits is a positive indicator of the company's liquidity and funding profile. The company's financial performance is a reflection of its diversified business model, which includes banking, payments, pension, and funds management.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said that the company's half-year results demonstrate the strength of its franchise, balance sheet, and diversified business model. He noted that fair value movements weighed on reported earnings, but the core business held firm, with interest and trading income growing, deposits strengthening, and asset quality improving.
The company continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios. Pre-Tax Return on Equity (ROAE) stood at 35.9 per cent, Pre-Tax Return on Assets (ROAA) of 6.6 per cent, while the Cost to Income ratio was 31.5 per cent. The priority now is to execute with discipline and grow responsibly, leveraging digital channels to scale across its businesses and build a more diversified and resilient financial services group.
Key points
- GTCO reports N603.03bn profit before tax for H1 2026.
- The company's profit growth was driven by strong performance in interest and trading income.
- GTCO's total assets closed at N18.6 trillion, while shareholders' funds closed at N3.3 trillion.
