By Emmanuella Opara | October 30th, 2026
KEY POINTS
- Guaranty Trust Holding Company Plc recorded N879.9bn profit before tax for the nine months ended September 30, 2026.
- The figure represents a 2.3 per cent decline from N900.8bn reported in the corresponding period of 2025.
- Profit after tax fell to N614.6bn from N699.6bn, partly reflecting changes to Companies Income Tax regulations affecting capital allowance reliefs.
- Total assets rose by 3.5 per cent to N18.37tn, while deposit liabilities increased by 8.6 per cent to N13.98tn.
- The group’s non-performing loan ratio improved to 4.0 per cent from 5.0 per cent in December 2025.
MAIN STORY
Guaranty Trust Holding Company Plc (GTCO) recorded N879.9bn profit before tax in the nine months ended September 30, 2026, representing a 2.3 per cent decline from the N900.8bn reported in the corresponding period of 2025.
The group disclosed the performance in its unaudited financial statements submitted to the Nigerian Exchange Group and the London Stock Exchange.
Despite the decline in overall pre-tax profit, GTCO recorded year-on-year growth in its core income streams. Interest income increased by 5.0 per cent, fees and commission income rose by 1.4 per cent, while trading income grew by 3.1 per cent.
The group, however, recognised a fair value loss of N87.9bn during the period, which affected its profit performance.
Profit after tax also declined to N614.6bn from N699.6bn in the corresponding period of 2025. GTCO attributed the reduction partly to changes in Companies Income Tax regulations that affected capital allowance reliefs.
The group’s total assets increased by 3.5 per cent to N18.37tn from N17.76tn in December 2025, while shareholders’ funds stood at N3.5tn.
Its capital adequacy ratio was 34.2 per cent, while the banking subsidiary recorded a ratio of 33.9 per cent.
Deposit liabilities grew by 8.6 per cent to N13.98tn in September 2026 from N12.87tn at the end of December 2025. However, the net loan book declined by 4.1 per cent to N3.00tn, which the group said reflected its disciplined approach to risk asset creation.
Asset quality indicators improved during the period, with the group’s non-performing loan ratio falling to 4.0 per cent from 5.0 per cent in December 2025. Cost of risk also eased to 0.9 per cent from 2.2 per cent, while coverage for credit-impaired loans increased to 130.7 per cent from 106.9 per cent.
Funded income accounted for 77.8 per cent of gross earnings, while net core earnings rose by 4.4 per cent to N1.505tn.
Commenting on the results, GTCO Group Chief Executive Officer, Segun Agbaje, said the performance reflected the strength of the group’s operating model despite losses recorded during the period.
He said the group’s deposit base had expanded, core earnings continued to grow and its balance sheet remained well capitalised.
Agbaje also said the financial institution would continue to pursue risk-free returns and arbitrage opportunities while maintaining the quality of its risk assets. He added that the group would adapt its platforms and technologies to meet changing customer needs.
The group 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.
THE ISSUES
GTCO’s results show a mixed performance, with growth in core income and deposits alongside a decline in both pre-tax and post-tax profits.
The N87.9bn fair value loss contributed to the moderation in pre-tax earnings, while changes to tax regulations affecting capital allowance reliefs were identified as a factor behind the lower profit after tax.
The expansion in deposits and improvement in asset quality point to stronger deposit mobilisation and lower reported credit risk. However, the 4.1 per cent contraction in the net loan book indicates that lending did not expand alongside deposit growth during the period.
WHAT’S BEING SAID
“Our performance in Q3 reflects the strength of a franchise built on scale, efficiency and discipline,” Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said.
“Despite a challenging operating environment and significant fair value losses in the period, our core earnings continued to grow, our deposit base expanded strongly, our cost efficiency remains among the best in the industry, and our balance sheet remains strong, liquid and well capitalised,” Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said.
“Looking ahead, we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve, without compromising the quality of our risk assets,” Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said.
“We will also continue to evolve our platforms and adapt to new technologies to meet the changing needs of our customers, as we remain focused on delivering sustainable value and superior returns to our shareholders,” Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, said.
WHAT’S NEXT
GTCO said it would continue to adapt its platforms and technologies to changing customer needs while pursuing investment opportunities and maintaining the quality of its risk assets.
BOTTOM LINE
GTCO reported N879.9bn pre-tax profit for the first nine months of 2026, as growth in core income and deposits was offset by fair value losses and other factors that reduced its reported profits.
 recorded N879.9bn profit before tax in the nine months ended September 30, 2026, representing......){kind=link}