GTCO posts ₦302.9bn Q1 profit before tax, signals strong earnings momentum

Stanley Ihedigbo

Guaranty Trust Holding Company Plc (GTCO) has reported a Profit Before Tax (PBT) of ₦302.9 billion for the first quarter ended March 31, 2026, reflecting strong growth across its core earnings lines and continued balance sheet resilience.

The Group disclosed this in its unaudited consolidated and separate financial statements released to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE) on Wednesday.

GTCO’s performance was driven primarily by growth in interest income and fee income, which rose year-on-year by 17.5 percent and 7.1 percent, respectively.

The Group also recorded modest expansion in its loan book, which grew by 1.3 percent from ₦3.13 trillion in December 2025 to ₦3.17 trillion as of March 2026.

Deposit liabilities rose significantly by 6.3 percent within the same period, increasing from ₦12.87 trillion to ₦13.69 trillion, underscoring sustained customer confidence and liquidity strength.

The Group’s total assets stood at ₦18.7 trillion, while shareholders’ funds closed at ₦3.6 trillion, reflecting a solid capital base. Its Capital Adequacy Ratio (CAR) remained robust at 39.5 percent, well above regulatory thresholds.

Asset quality also improved during the period, with IFRS 9 Stage 3 loans declining to 4.4 percent from 5.0 percent recorded at the end of December 2025.

Similarly, the cost of risk dropped significantly to 0.2 percent from 2.2 percent, highlighting improved credit risk management.

GTCO maintained a diversified and liquid balance sheet, with growth recorded across all asset lines.

The Group continues to leverage its presence across multiple jurisdictions, alongside its expanding ecosystem businesses in payments, pension administration, and funds management.

Commenting on the results, the Group Chief Executive Officer, Segun Agbaje, described the Q1 performance as a reflection of a strategic shift in earnings quality.

“Our Q1 2026 results mark a defining shift in the quality and composition of our earnings, with strong underlying performance across our core banking operations and increasing contribution from our ecosystem businesses,” he said.

Agbaje noted that the Group’s growth trajectory was supported by disciplined execution and a well-diversified balance sheet, adding that GTCO remains focused on driving sustainable earnings.

“Our focus remains on deepening customer relationships, scaling our ecosystem businesses, and leveraging technology to deliver simpler and more intuitive financial solutions,” he added.

He further highlighted growth opportunities across payments, wealth management, and banking services in Nigeria as well as in West and East African markets, noting that the Group is strategically positioned to capture emerging opportunities while delivering long-term value to stakeholders.

GTCO also sustained strong performance across key financial ratios, including a Pre-Tax Return on Equity (ROAE) of 34.4 percent, Pre-Tax Return on Assets (ROAA) of 6.6 percent, and a Cost-to-Income ratio of 31.5 percent—among the best in Nigeria’s financial services industry.

Guaranty Trust Holding Company Plc is a leading financial services group with operations spanning Africa and the United Kingdom. The Group is widely recognised for its strong corporate governance, innovative offerings, and customer-centric approach, providing a broad range of banking and non-banking services including payments, funds management, and pension administration.

With its solid Q1 2026 performance, GTCO appears well-positioned to sustain growth momentum and reinforce its leadership in the financial services sector.