GTCO Records N879.9 Billion Pre-Tax Profit in 9 Months
- GTCO reported a pre-tax profit of N879.9bn for the nine months ended September 2026, down from N900.8bn in the same period of 2025
- GTCO's total assets climbed to N18.37tn, while customer deposits grew to N13.98tn, signalling balance sheet expansion despite the decline in profit
- The group's asset quality improved, with key lending risk indicators moving in a favourable direction during the period
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism and deep knowledge of the Nigerian economy, stocks, and broader market trends.
Guaranty Trust Holding Company Plc (GTCO) recorded a pre-tax profit of N879.9bn for the nine months ended September 30, 2026, as fair value losses on financial instruments weighed on earnings despite growth across its core income lines.
The figures were disclosed in the group's unaudited financial statements filed with the Nigerian Exchange Group and the London Stock Exchange.
Source: Getty Images
The result represents a 2.3% decline from the N900.8bn pre-tax profit recorded in the corresponding nine-month period of 2025.
Interest income, fees and commission income, and trading income increased year-on-year by 5.0%, 1.4%, and 3.1%, respectively. However, a fair value loss of N87.9bn limited the group's overall profitability.
Profit after tax also declined to N614.6bn from N699.6bn recorded in the same period of 2025, partly reflecting changes to Companies Income Tax rules affecting capital allowance reliefs.
GTCO's balance sheet and asset quality
GTCO's total assets increased by 3.5% to N18.37tn from N17.76tn at the end of December 2025, while shareholders' funds stood at N3.5tn.
Customer deposits grew by 8.6% to N13.98tn, compared with N12.87tn recorded at the end of 2025, reflecting continued growth in the group's deposit base.
However, the group's net loan book contracted by 4.1% to N3.00tn, which the company attributed to a deliberate and cautious approach to risk asset creation.
Despite the reduction in lending, the group's capital adequacy ratio remained strong at 34.2%, while its banking subsidiary recorded a ratio of 33.9%.
Asset quality indicators also improved during the period. The non-performing loan ratio declined to 4.0% from 5.0% in December 2025, while the cost of risk dropped to 0.9% from 2.2%.
Coverage for credit-impaired loans improved to 130.7% from 106.9%, indicating stronger provisions against potential loan losses.
Funded income accounted for 77.8% of gross earnings, while net core earnings increased by 4.4% to N1.505tn.
Other performance indicators included a pre-tax return on average equity of 34.0%, a pre-tax return on average assets of 6.5%, and a cost-to-income ratio of 31.2%, Punch reports.
Source: Facebook
Agbaje comments on the results
Group Chief Executive Officer Segun Agbaje said the performance demonstrated the resilience of the company's business model despite challenging operating conditions.
Agbaje said:
"Our performance in Q3 reflects the strength of a franchise built on scale, efficiency and discipline."
He noted that the group had expanded its core earnings, widened its deposit base and maintained strong liquidity and capital positions despite absorbing significant fair value losses.
CBN announces Access, UBA, Zenith, other banks' new lending rates
Earlier, Legeit.ng reported that the Central Bank of Nigeria (CBN) has released lending rate data for September, showing that Nigerian banks are charging borrowers anywhere from single digits to as high as 60%, depending on perceived credit risk.
The September figures cover two categories: prime lending rates, which apply to customers banks consider lower risk, and maximum lending rates, charged to borrowers seen as higher risk.
Source: Legit.ng
