Guaranty Trust Holding Company Plc (GTCO) reported a 12.2 percent decline in profit after tax to N614.57 billion in the nine months ended September 2026, as higher interest expenses and tax costs offset gains from lower loan impairment charges.
The financial holding company’s unaudited consolidated results showed that profit after tax fell from N699.64 billion in the corresponding period of 2025, while profit attributable to shareholders declined to N606 billion from N688.07 billion.
The earnings decline came despite a reduction in loan impairment charges to N29.02 billion from N69.79 billion a year earlier, reflecting lower provisions against potential loan losses during the reporting period.
GTCO’s interest expenses, however, increased by 27.7 percent to N356 billion from N278.73 billion, putting pressure on net interest income, which fell to N935.88 billion from N952.14 billion.
The group’s profit before tax also declined by 2.3 percent to N879.90 billion from N900.80 billion in the same period of 2025.
A key pressure point was the increase in income tax expense, which rose by 31.9 percent to N265.32 billion from N201.16 billion. This further reduced the amount of earnings retained after tax.
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The impact was also reflected in earnings per share, which dropped to N16.58 from N20.71, indicating a decline in profit attributable to each ordinary share.
GTCO’s operating performance presented a mixed picture. Net interest income after loan impairment charges rose to N906.86 billion from N882.35 billion, supported by the sharp reduction in impairment charges.
Net fee and commission income, however, slipped slightly to N182.42 billion from N183.22 billion, while net trading gains increased to N79.63 billion from N77.21 billion.
Other income declined to N74.78 billion from N85.85 billion, adding to the pressure on earnings.
The holding company subsidiaries and non-banking businesses generated substantial profits in the first nine months of 2026, with GTBank Nigeria and Ghana accounting for the largest contributions as the group continued to earn from its operations across Africa and the United Kingdom.
The group’s subsidiary results showed that GTBank Nigeria recorded a profit after tax of N480.89 billion in the nine months ended September 30, 2026, while GTBank Ghana contributed N112.91 billion.
Together, the two banking subsidiaries generated N593.80 billion, highlighting their importance to the earnings of the financial services group.
GTBank Nigeria reported operating income of N934.45 billion and profit before tax of N652.67 billion. Its Ghana subsidiary generated operating income of N226.42 billion and profit before tax of N173.71 billion.
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Ghana’s profit after tax increased from N99.70 billion in the corresponding period of 2025, while Nigeria’s declined from N506.63 billion, according to the group’s unaudited financial statements.
Other West African subsidiaries also contributed to earnings. GTBank Côte d’Ivoire recorded a profit after tax of N24.07 billion, followed by The Gambia with N19.13 billion, Sierra Leone with N15.23 billion and Liberia with N9.15 billion.
In East Africa, GTBank Kenya generated N7.63 billion in profit after tax, while its Tanzania operation recorded a loss of N434.19 million. GTBank UK contributed N5.76 billion.
The third-quarter results showed a steeper decline in profitability. GTCO’s profit after tax fell by 20 percent to N200.39 billion in the three months ended September 2026, compared with N250.63 billion in the corresponding quarter of 2025.
Profit before tax for the quarter dropped to N276.86 billion from N299.90 billion, while interest expense rose to N132.21 billion from N98.61 billion.
GTCO closed its last trading day on Monday at N125.10 per share on the Nigerian Stock Exchange (NGX), recording a 2.5 percnt gain over its previous closing price of N122.00. Guaranty Trust Holding began the year with a share price of N90.70 and has since gained 37.9 percent on that price valuation, ranking it 59th on the NGX in terms of year-to-date performance
Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
