GTCO’s ₦603.03 billion profit before tax places it slightly behind FirstHoldCo, which reported ₦653.5 billion profit before tax for H1 2026.
Guaranty Trust Holding Company Plc (GTCO Plc) recorded a profit before tax (PBT) of ₦603.03 billion in the first half of 2026, supported by growth in interest and trading income, while a ₦46.2 billion fair-value loss limited the overall growth in earnings.
The holding company, which has interests in banking, payments, pension and funds management, released its audited consolidated and separate financial statements for the six months ended June 30, 2026, to the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE).
GTCO’s profit before tax increased marginally by 0.4% year-on-year, despite the strong performance of its core income lines.
Interest income increased by 7.5% year-on-year, while trading income rose significantly by 24.7%. However, the gains from these income lines were partly offset by a ₦46.2 billion fair-value loss recorded during the period.
A fair-value loss arises when the value of certain financial assets falls based on prevailing market prices or valuation adjustments. In GTCO’s case, the loss had a significant effect on the reported earnings for the period.
Beyond profitability, GTCO recorded growth across its major balance-sheet lines, maintaining what the company described as a well-structured, liquid and diversified balance sheet.
The Group’s total assets rose to ₦18.6 trillion, while shareholders’ funds stood at ₦3.3 trillion.
Customer deposits also recorded strong growth, increasing by 10.3% from ₦12.87 trillion at the end of December 2025 to ₦14.19 trillion by June 2026.
Loan growth, however, remained modest. The Group’s net loan book increased by just 0.5%, from ₦3.13 trillion in December 2025 to ₦3.15 trillion at the end of June 2026.
The Bank also reported an improvement in asset quality during the period.
At the Group level, IFRS 9 Stage 3 loans stood at 3.5%, compared with 5.0% at the end of 2025. At the bank level, Stage 3 loans stood at 4.6%, compared with 3.4% at the end of 2025.
Stage 3 loans are generally loans that have become credit-impaired, meaning there is significant concern about the borrower’s ability to repay.
The Group’s Cost of Risk (COR) also improved substantially to 0.6%, from 2.2% during the comparable period.
GTCO maintained a strong capital position, with its Group Capital Adequacy Ratio (CAR) at 34.9%, while the banking subsidiary recorded a CAR of 29.2%.
The Capital Adequacy Ratio measures a bank’s capital relative to its risk-weighted assets and provides an indication of its capacity to absorb unexpected losses.
The Group also reported a Pre-Tax Return on Equity (ROAE) of 35.9%, a Pre-Tax Return on Assets (ROAA) of 6.6%, and a Cost-to-Income ratio of 31.5%.
Commenting on the results, the Group Chief Executive Officer of GTCO Plc, Mr. Segun Agbaje, said the performance demonstrated the resilience of the Group’s business and the progress it has made in diversifying beyond traditional banking.
“Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone. Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level. The priority now is to execute with discipline and grow responsibly. Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group.”
The Group’s expansion into Payments, Pension and Funds Management, alongside its banking operations across different jurisdictions, is intended to provide additional revenue streams and reduce its dependence on traditional banking income.
GTCO versus FirstHoldCo
GTCO’s ₦603.03 billion profit before tax places it slightly behind FirstHoldCo, which reported ₦653.5 billion profit before tax for H1 2026.
The difference between the two groups’ reported PBT is approximately ₦50.5 billion.
While GTCO’s PBT increased by just 0.4% year-on-year, FirstHoldCo recorded an 83.5% increase, from ₦356.1 billion in H1 2025 to ₦653.5 billion in H1 2026.
