Guaranty Trust Holding Company Plc (GTCO) has released its H1 2026 results, reporting pre-tax profit of ₦603.03 billion for the period ended June 2026. That is a marginal 0.35% rise from ₦600.90 billion in the same period of 2025.
Gross earnings rose 3.25% to ₦1.11 trillion from ₦1.07 trillion. Earnings per share, however, declined 17.73% to ₦11.18 from ₦13.59.
The Board proposed an interim dividend of ₦1.00 per ordinary share, payable to shareholders on the register as of the closure date.
Stronger Interest Income Offset By Higher Costs
GTCO’s pre-tax profit was driven by stronger interest income and sharply lower loan impairment charges. However, the gains were largely absorbed by higher funding and operating costs and weaker non-interest income.
Interest income rose 7.51% to ₦873.39 billion from ₦812.36 billion. This was offset by a 24.24% jump in interest expense to ₦223.79 billion, leaving net interest income up just 2.75% to ₦649.60 billion.
The biggest boost to earnings came from credit quality. Loan impairment charges fell 65.94% to ₦18.72 billion from ₦54.97 billion. This helped net interest income after impairment rise 9.29% to ₦630.88 billion.
The bank also recorded a ₦34.86 billion impairment reversal on other financial assets.
Non-interest income was weaker. Net fee and commission income fell 8.98% to ₦123.03 billion, while other income dropped to ₦44.35 billion from ₦70.92 billion.
Total operating expenses rose 7.31% to ₦277.39 billion, driven by a 41.82% jump in depreciation and amortisation.
As a result, profit after tax declined 7.76% to ₦414.19 billion, largely due to a 24.33% rise in income tax expense to ₦188.85 billion.
Total Assets Grow To ₦18.62 Trillion
On the balance sheet, total assets grew 4.81% to ₦18.62 trillion from ₦17.76 trillion. This was supported by an 11.32% rise in customer deposits to ₦13.97 trillion, now 75.03% of total assets.
Much of the new funding went into investment securities, which rose 21.78% to ₦6.73 trillion.
Customer loans grew just 0.48% to ₦3.15 trillion, showing the bank leaned more toward investments than lending. Total equity fell 2.82% to ₦3.32 trillion, with retained earnings down 5.98% to ₦1.62 trillion.
GTCO’s share price closed at ₦137.00 on September 28, 2026, unchanged from the previous trading day. That represents a 51.05% year-to-date gain from its ₦90.70 opening price at the start of the year.
The stock rose from ₦130.00 on September 18 to ₦137.00 on September 28, a 5.38% increase over the period.
