FirstHoldCo Plc recorded higher gross earnings and profit before tax than Guaranty Trust Holding Company (GTCO) Plc in the nine months ended September 30, 2026, posting gross earnings of N2.87 trillion and pre-tax profit of N911.24 billion, compared with GTCO’s N1.63 trillion and N879.9 billion, respectively.
The performance represented an 8.8 per cent increase in FirstHoldCo’s gross earnings from N2.64 trillion recorded in the corresponding period of 2025, while its profit before tax surged by 60.8 per cent from N566.54 billion.
GTCO, by comparison, recorded a 3.3 per cent increase in gross earnings but suffered a 2.3 per cent decline in pre-tax profit from N900.8 billion in the corresponding period of 2025.
Although the difference in pre-tax profit between the two financial services groups was relatively narrow, FirstHoldCo’s stronger revenue growth and significant improvement in profitability gave it the lead over GTCO during the period.
FirstHoldCo’s profit after tax also rose by 65.1 per cent to N744.45 billion from N450.87 billion, while GTCO’s declined by 12.2 per cent to N614.6 billion from N699.6 billion.
Revenue growth and profit drivers
An analysis of the results showed that FirstHoldCo’s improved performance was largely supported by growth in non-interest income, higher fee and commission earnings, gains from financial instruments and a reduction in impairment charges.
The group’s non-interest income increased by 143.5 per cent to N722.9 billion, while net fee and commission income rose by 48.1 per cent to N316.43 billion from N213.69 billion in the corresponding period of 2025.
It also recorded a net gain of N104.59 billion from financial instruments measured at fair value through profit or loss, compared with a loss of N72.78 billion in the previous year. Impairment charges equally declined by 28.3 per cent to N207.1 billion from N288.92 billion.
However, the group faced pressure on its core interest earnings, with interest income declining by 8.7 per cent to N2.09 trillion from N2.29 trillion. Net interest income also fell by 16 per cent to N1.26 trillion, reflecting the impact of higher interest expenses.
For GTCO, interest income, fees and commission income and trading income grew year-on-year by 5.0 per cent, 1.4 per cent and 3.1 per cent respectively.
The group, however, recognised an N87.9 billion fair value loss during the period, which contributed to the 2.3 per cent decline in its pre-tax profit.
GTCO also reported a 12.2 per cent fall in profit after tax, partly attributing the development to changes in Companies Income Tax regulations which affected capital allowance reliefs.
FirstHoldCo records stronger balance-sheet expansion
The difference between the two groups was also evident in their balance-sheet positions, with FirstHoldCo recording significantly higher asset growth.
FirstHoldCo’s total assets expanded by 18.2 per cent to N32.20 trillion as of September 30, 2026, from N27.25 trillion at the end of December 2025.
GTCO’s total assets, on the other hand, grew by 3.5 per cent to N18.37 trillion from N17.76 trillion over the same period.
FirstHoldCo also recorded stronger deposit growth, with customer deposits rising by 21.3 per cent to N22.91 trillion from N18.88 trillion, while GTCO’s deposit liabilities increased by 8.6 per cent to N13.98 trillion from N12.87 trillion.
In terms of lending, FirstHoldCo’s loans and advances to customers increased by 4.8 per cent to N9.39 trillion from N8.97 trillion, while GTCO’s net loan book declined by 4.1 per cent to N3 trillion from N3.13 trillion.
The figures show that FirstHoldCo maintained a considerably larger balance sheet and recorded stronger growth in deposits and loans during the nine-month period.
GTCO retains cost-efficiency and asset-quality advantage
Despite FirstHoldCo’s stronger earnings and balance-sheet expansion, GTCO maintained a strong position in operational efficiency and asset quality.
The group’s cost-to-income ratio stood at 31.2 per cent, while its Capital Adequacy Ratio remained strong at 34.2 per cent, reflecting its capital strength.
Its IFRS 9 Stage 3 loans improved to 4.0 per cent at group level from 5.0 per cent at the end of 2025, while cost of risk declined to 0.9 per cent from 2.2 per cent. Coverage for credit-impaired loans also improved to 130.7 per cent from 106.9 per cent.
These indicators underscore GTCO’s continued emphasis on risk management, capital preservation and operational discipline, even as its earnings growth lagged behind FirstHoldCo during the period.
Commenting on GTCO’s performance, its Group Chief Executive Officer, Mr Segun Agbaje, said the results reflected the strength of a franchise built on scale, efficiency and discipline.
He noted that despite a challenging operating environment and significant fair value losses, the group’s core earnings continued to grow, its deposit base expanded strongly, and its balance sheet remained strong, liquid and well capitalised.
Agbaje added that the group would continue to optimise risk-free returns and position itself to take advantage of arbitrage opportunities as market conditions evolved, without compromising the quality of its risk assets.
Overall, the nine-month results highlight contrasting performances by two of Nigeria’s major financial services groups. FirstHoldCo recorded stronger growth in gross earnings, pre-tax profit and total assets, while GTCO maintained relatively stronger cost efficiency and asset-quality indicators.
The results also indicate that FirstHoldCo’s earnings growth was significantly supported by non-interest income and trading gains, while GTCO’s performance reflected more modest growth in its core revenue lines amid fair value losses.
For investors, the contrasting results place the spotlight on two important measures of banking performance: the ability to grow earnings and assets, and the capacity to sustain profitability through efficient operations and prudent risk management.
