GTCO Assets Rise to N18.6tn, Shareholders’ Funds Hit N3.3tn

Guaranty Trust Holding Company Plc (GTCO) has grown its total assets to N18.6tn and shareholders’ funds to N3.3tn in the first half of 2026.

The financial performance came with a profit before tax of N603.03bn for the six months ended June 30, 2026.

GTCO released its audited consolidated and separate financial statements to the Nigerian Exchange Group and the London Stock Exchange.

The group attributed the performance mainly to growth in interest and trading income. Interest income rose by 7.5 per cent year-on-year, while trading income increased by 24.7 per cent.

However, a N46.2bn fair value loss during the period limited growth in profit before tax to 0.4 per cent year-on-year.

Despite the pressure on earnings, the group expanded its balance sheet across its banking and non-banking businesses.

GTCO recorded growth across the various countries where it operates banking franchises. Its payments, pension and funds management businesses also contributed to the expansion.

The group maintained a strong capital position during the period. Its capital adequacy ratio stood at 34.9 per cent at group level and 29.2 per cent for the bank.

Asset quality also remained relatively stable, with improvements in some key risk indicators.

International Financial Reporting Standard (IFRS) 9 Stage 3 non-performing loans stood at 3.5 per cent at the bank level and 4.6 per cent at group level.

The corresponding figures at the end of 2025 were 3.4 per cent and five per cent respectively.

At the same time, the group’s cost of risk fell sharply to 0.6 per cent from 2.2 per cent in the corresponding period.

The net loan book recorded a marginal increase of 0.5 per cent. It rose from N3.13tn in December 2025 to N3.15tn by June 2026.

Customer deposits, however, recorded stronger growth during the six-month period. Deposit liabilities climbed 10.3 per cent from N12.87tn to N14.19tn.

Commenting on the results, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, said the figures reflected the strength of the group’s underlying business.

“Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone,” Agbaje said.

He acknowledged the impact of fair value movements on reported earnings but noted that the core operations remained resilient.

“Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level,” he added.

Agbaje said the group would focus on disciplined execution and responsible growth in the second half of the year.

He also identified digital services as a major driver of the group’s expansion beyond traditional banking.

“Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group,” he said.

The group’s key performance ratios also pointed to strong profitability and operational efficiency.

Pre-tax return on average equity stood at 35.9 per cent, while pre-tax return on average assets reached 6.6 per cent.

GTCO’s cost-to-income ratio stood at 31.5 per cent during the period.

The holding company continues to operate banking and non-banking businesses across Africa and the United Kingdom.

Its interests span payments, fund management and pension fund administration, reflecting its strategy to diversify beyond conventional banking services.

The latest results come as the group continues to expand its financial services operations while maintaining a strong capital base and growing customer deposits.