Guaranty Trust Holding Company Plc (GTCO) recorded a profit before tax (PBT) of N603.03 billion in the first half of 2026, a marginal 0.4% increase from the same period in 2025, according to its audited financial statements released to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The financial services group also declared an interim dividend of N1 per share for shareholders.
Key Drivers of GTCO's H1 2026 Performance
The group attributed its performance mainly to growth in interest and trading income, which rose by 7.5% and 24.7% year-on-year, respectively. However, these gains were partly offset by a N46.2 billion fair value loss recorded during the period, which limited the growth in profit before tax to 0.4%.
GTCO's total assets increased to N18.6 trillion as of June 2026, while shareholders' funds stood at N3.3 trillion. The net loan book grew marginally by 0.5% to N3.15 trillion from N3.13 trillion in December 2025, and customer deposits rose by 10.3% to N14.19 trillion from N12.87 trillion.
Financial Ratios and Asset Quality Improvement
The group reported a pre-tax return on equity (ROE) of 35.9% and a pre-tax return on assets (ROA) of 6.6%. Its cost-to-income ratio improved to 31.5%.
Asset quality showed mixed results: Stage 3 loans at the bank level were 3.5% compared with 3.4% in December 2025, while at the group level they improved to 4.6% from 5.0%. The cost of risk improved significantly to 0.6% from 2.2% in the corresponding period of 2025. The group's capital adequacy ratio (CAR) was 34.9%, while the banking subsidiary's CAR stood at 29.2%.
CEO Comments on Results and Outlook
Commenting on the results, GTCO Group Chief Executive Officer, Segun Agbaje, said the performance reflected the strength of the group's balance sheet and the growth of its operations beyond traditional banking. He noted that fair value movements affected reported earnings during the period but added that the group's core business remained strong, supported by growth in interest and trading income, higher deposits, and improved asset quality.
Agbaje said GTCO would continue to focus on disciplined execution and responsible growth, with its digital operations expected to support expansion across its banking, payments, pension, and funds management businesses. GTCO operates banking and other financial services businesses across Africa and the United Kingdom.
In a related development, the Central Bank of Kenya (CBK) approved the transfer of Access Bank (Kenya) Plc's business, assets, and liabilities to National Bank of Kenya Limited (NBK). The CBK granted approval on August 17, 2026, under Section 13(4) of the Banking Act, and the transfer will take effect once the transaction is completed in accordance with the Business and Assets Transfer Agreement signed between the two banks.
