Guaranty Trust Holding Company Plc (GTCO) recorded a 2.3% decline in profit before tax to ₦879.9 billion in the nine months ended September 30, 2026, as significant fair value losses weighed on earnings despite growth in its core banking operations.
The financial services group reported a profit before tax of ₦879.9 billion, compared with ₦900.8 billion recorded in the corresponding period of 2025, according to its unaudited financial statements released on October 27, 2026, and filed with the Nigerian Exchange Group and London Stock Exchange.
GTCO attributed the moderation in profitability partly to a fair value loss of ₦87.9 billion recognised during the period, which offset improvements across some of its major income lines.
Interest income increased by 5% year-on-year, while fees and commission income and trading income grew by 1.4% and 3.1% respectively.
Despite the growth in these revenue streams, the group’s profit after tax fell by 12.2% to ₦614.6 billion from ₦699.6 billion recorded in the corresponding period of 2025.
The company attributed part of the decline to changes in Companies Income Tax regulations affecting capital allowance reliefs.
GTCO’s financial position, however, showed growth in customer deposits and total assets during the nine-month period.
Total assets increased by 3.5% to ₦18.37 trillion as of September 2026, compared with ₦17.76 trillion at the end of December 2025.
Deposit liabilities also rose by 8.6% to ₦13.98 trillion from ₦12.87 trillion, reflecting an expansion in the group’s deposit base.
However, its net loan book declined by 4.1% to ₦3 trillion from ₦3.13 trillion at the end of 2025, indicating a more cautious approach to lending and risk asset creation.
The group’s asset quality also improved during the period, with its IFRS 9 Stage 3 loans ratio declining to 4% from 5% at the end of December 2025.
Its cost of risk dropped to 0.9% from 2.2%, while coverage for credit-impaired loans increased to 130.7% from 106.9%.
GTCO maintained a capital adequacy ratio of 34.2% at the group level, while the banking subsidiary recorded 33.9%, reflecting its capital position during the period.
Commenting on the results, Group Chief Executive Officer, Segun Agbaje, said the performance demonstrated the resilience of a business built on scale, efficiency and discipline.
Agbaje said the group sustained growth in core earnings and expanded its deposit base despite significant fair value losses and a challenging operating environment.
He added that GTCO’s balance sheet remained strong, liquid and well-capitalised, while the group would continue to pursue risk-free returns and opportunities in changing market conditions without compromising the quality of its risk assets.
The company also reiterated its commitment to improving its digital platforms and adapting to new technologies across its banking, payments, pension and funds management businesses.
