Guaranty Trust Holding Company (GTCO) is seeing stronger contributions from its payments, asset management and pension businesses, as the group continues to expand beyond traditional banking.
The group’s non-banking subsidiaries, HabariPay, GT Fund Managers and GT Pension Fund Administrator, generated a combined ₦15.94 billion in profit before tax (PBT) in the first half of 2026, up from ₦8.62 billion in the same period last year.
The figures are contained in GTCO’s audited financial statements for the six months ended June 30, 2026.
HabariPay profit rises 94%
HabariPay, GTCO’s payments and fintech business, was the biggest contributor among the three subsidiaries.
The company recorded ₦7.81 billion in profit before tax, representing a 94% increase from the ₦4.02 billion reported in H1 2025.
Its operating income also climbed significantly, rising from ₦5.05 billion to ₦9.44 billion during the period. Operating expenses stood at ₦1.63 billion.
The performance highlights the growing contribution of digital payments to GTCO’s wider financial services business.
GT Fund Managers records strong asset growth
GT Fund Managers also recorded significant growth during the period.
Its operating income increased to ₦8.83 billion, compared with ₦4.61 billion a year earlier, while profit before tax rose from ₦3.71 billion to ₦7.21 billion.
The fund manager’s assets under management also expanded sharply, reaching approximately ₦1.42 trillion by the end of June 2026, compared with ₦880.06 billion six months earlier.
Profit after tax stood at ₦5.72 billion following a ₦1.49 billion tax charge.
Pension business grows steadily
GT Pension Fund Administrator recorded more moderate growth.
Operating income increased from ₦1.96 billion in H1 2025 to ₦2.15 billion, while profit before tax rose slightly to ₦927.84 million, compared with ₦900.03 million a year earlier.
Its total assets increased to ₦16.33 billion from ₦15.73 billion at the end of 2025.
Together, HabariPay and GT Fund Managers accounted for more than 94% of the combined profit generated by the three non-banking businesses.
GTCO reports ₦603bn group profit
Despite the strong growth across its non-banking businesses, traditional banking remains the dominant contributor to GTCO’s earnings.
The group reported ₦603.03 billion in profit before tax for H1 2026, representing a 0.4% increase from the same period in 2025.
Interest income increased by 7.5%, while trading income grew 24.7%. However, a ₦46.2 billion fair-value loss limited the overall growth in profit.
GTCO’s total assets reached ₦18.6 trillion by the end of June, while customer deposits increased 10.3% from ₦12.87 trillion in December 2025 to ₦14.19 trillion.
The group also declared an interim dividend of ₦1 per share.
GTCO’s broader financial services strategy
The H1 results show GTCO’s continued expansion into payments, wealth management and pensions alongside its core banking operations.
While the non-banking businesses remain much smaller than the group’s banking operations, the rapid growth recorded by HabariPay and GT Fund Managers is increasing their contribution to GTCO’s wider financial services portfolio.
For HabariPay in particular, the 94% jump in profit points to the growing financial weight of GTCO’s payments business as the group builds beyond its traditional banking model.
