Guaranty Trust Holding Company Plc (GTCO) posted a profit before tax of ₦302.9 billion in the first quarter of 2026, supported by strong growth in interest income despite rising funding costs and tax pressures. The unaudited results were released on April 29.
The group’s pre-tax profit rose marginally by 0.88% from ₦300 billion recorded in the corresponding period of 2025. However, profit after tax fell 15.42% year-on-year to ₦218.1 billion, which the report attributed mainly to higher tax liabilities.
GTCO’s interest income climbed 17.52% to ₦467 billion during the quarter, while net interest income increased 11.98% to ₦356.3 billion. Interest earned from loans and advances remained a major earnings driver, contributing ₦183 billion, while income from investment securities stood at ₦187 billion.
Interest expenses also rose sharply by 39.75% to ₦110.7 billion, with customer deposits accounting for the bulk of those costs. Even so, the group maintained solid margins, reflecting resilience in its core lending and investment operations.
Non-interest income also supported performance. GTCO generated about ₦80 billion from fees and commissions, helped by ₦22 billion from e-business services and ₦16.7 billion from credit-related charges. The group also reported more than ₦20 billion in realized foreign exchange trading gains.
Loan impairment charges declined significantly by 41.05% to ₦7.95 billion, helping net interest income after impairment rise 14.33% to ₦348.3 billion. On the balance sheet, total assets increased to ₦18.75 trillion, while customer deposits rose to ₦13.21 trillion. Shareholders’ funds also expanded to ₦3.63 trillion, indicating continued capital strength.
Among GTCO’s non-banking subsidiaries, Habari Pay Ltd emerged as the strongest contributor, posting a pre-tax profit of ₦3.75 billion, more than double the ₦1.66 billion reported a year earlier. The Q1 result underscores GTCO’s ability to sustain earnings momentum in a high-interest-rate environment, although higher taxes and funding costs weighed on bottom-line growth.
