GTCO posts ₦879.9bn profit before tax in Q3 2026

Stanley Ihedigbo

Guaranty Trust Holding Company Plc (GTCO) has reported a profit before tax (PBT) of ₦879.9 billion for the nine-month period ended September 30, 2026, despite recording significant fair value losses during the period.

The financial services group disclosed this in its unaudited consolidated and separate financial statements submitted to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).

According to the results released on October 27, 2026, GTCO’s profit before tax moderated by 2.3 per cent from ₦900.8 billion recorded in the corresponding period of 2025.

The group attributed its performance to sustained growth in its core earnings streams, with interest income, fees and commission income, and trading income increasing year-on-year by 5.0 per cent, 1.4 per cent and 3.1 per cent, respectively.

However, the group recognised a fair value loss of ₦87.9 billion during the period, while profit after tax declined to ₦614.6 billion from ₦699.6 billion recorded in the corresponding period of 2025.

GTCO attributed the decline in profit after tax partly to changes in Companies Income Tax regulations affecting capital allowance reliefs.

Despite the moderation in profitability, the group recorded growth in its balance sheet, with total assets increasing by 3.5 per cent to ₦18.37 trillion as of September 30, 2026, compared with ₦17.76 trillion at the end of December 2025.

Shareholders’ funds closed at ₦3.5 trillion, while deposit liabilities rose by 8.6 per cent from ₦12.87 trillion to ₦13.98 trillion, reflecting continued growth in the group’s deposit base.

The net loan book, however, declined by 4.1 per cent to ₦3 trillion, which the group said was consistent with its disciplined approach to risk asset creation.

GTCO also reported improvements in asset quality, with International Financial Reporting Standard 9 (IFRS 9) Stage 3 loans declining to 4.0 per cent at group level from 5.0 per cent at the end of 2025.

At the banking subsidiary level, Stage 3 loans stood at 3.4 per cent, unchanged from the financial year-end 2025 figure.

The group’s cost of risk improved to 0.9 per cent from 2.2 per cent over the same period, while coverage for credit-impaired loans increased to 130.7 per cent from 106.9 per cent.

Its capital adequacy ratio remained strong at 34.2 per cent at group level and 33.9 per cent at bank level, indicating a substantial capital buffer.

The group further reported that funded income accounted for 77.8 per cent of gross earnings, while net core earnings increased by 4.4 per cent to ₦1.505 trillion.

Commenting on the results, GTCO’s Group Chief Executive Officer, Mr Segun Agbaje, said the performance reflected the strength of a business built on scale, efficiency and discipline.

He said the group sustained growth in core earnings and expanded its deposit base despite a challenging operating environment and significant fair value losses.

Agbaje added that GTCO remained focused on cost efficiency, liquidity and maintaining a strong capital position while pursuing opportunities to improve returns without compromising the quality of its risk assets.

He also said the group would continue to develop its platforms and adopt emerging technologies to meet customers’ changing needs and deliver sustainable value to shareholders.

GTCO reported a pre-tax return on average equity of 34.0 per cent, a pre-tax return on average assets of 6.5 per cent and a cost-to-income ratio of 31.2 per cent.