Guaranty Trust Holding Company Plc (GTCO) has reported a profit before tax of N603.03 billion for the half year ended June 30, 2026. This represents a marginal 0.4 percent increase over the corresponding period of 2025. The growth was driven by stronger underlying earnings, which were partially offset by a N46.2 billion fair value loss recognised during the first half of the year.
Despite the marginal growth in profit, GTCO's interest income and trading income rose by 7.5 percent and 24.7 percent year-on-year respectively. The financial services group also declared an interim dividend of N1 per share. The company's balance sheet continued to expand during the period, with total assets rising to N18.6 trillion. Shareholders' funds closed at N3.3 trillion.
GTCO'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 N3.13 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 to the end of 2025, GTCO's asset quality improved significantly. IFRS 9 Stage 3 loans declined from 3.4 percent and 5.0 percent respectively at the end of 2025 to 3.5 percent and 4.6 percent at group level. 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.
The group's bank recorded a Capital Adequacy Ratio of 29.2 percent. GTCO reported a pre-tax return on equity of 35.9 percent and pre-tax return on assets of 6.6 percent. Its cost-to-income ratio stood at 31.5 percent. The company's performance reflected the resilience of its franchise and balance sheet, despite the impact of fair value movements on reported earnings.
Segun Agbaje, Group Chief Executive Officer of GTCO, said the performance reflected the strength of what the company has built. He added that interest and trading income grew, deposits strengthened and asset quality improved at group level. Agbaje said the priority now is to execute with discipline and grow responsibly.
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.
Key points
- GTCO reports N603bn profit before tax, a 0.4% increase from 2025.
- The company declares an interim dividend of N1 per share.
- GTCO's balance sheet expands, with total assets rising to N18.6 trillion.
