Guaranty Trust Holding Company Plc has released its unaudited group financial results for Q1 ended March 31, 2026.
According to the released results, the Group’s profit before tax grew by 0.88% YoY to N302.891 billion compared to the N300 billion in Q1 2025.
However, profit after tax declined by 15.42% to N218.126 billion, primarily due to higher tax liabilities.
During the period, Habari Pay Ltd emerged as the most profitable non-banking subsidiary, reporting a pre-tax profit of N3.75 billion, up from N1.664 billion in Q1 2025.
GTCO’s strong performance was driven by a combination of factors: strong interest and non-interest income, low loan impairments, etc.
Although cash and bank balances exceed the book values of loans, advances, and investment securities, the interest income from these assets, at N88 billion, is significantly lower compared to the interest income from loans and securities
Interest expenses on customer deposits continue to drive total interest expenses, accounting for 92% of the N110.7 billion total, a 34% increase year-on-year.
Despite this, net interest income remained strong at N356 billion, reflecting a 12% increase compared to Q1 2025
GTCO has continued to record low impairments, which have supported the bank’s core income. Loan impairment decreased by 41% year-on-year to N7.9 billion, resulting in a 14.33% increase in net income after impairment charges, which grew to N348.343 billion in Q1 2026
Non-interest income
The bank earned N80 billion from fees and commissions, driven by N22 billion from e-business and N16.7 billion from credit-related fees and commissions.
Additionally, it made over N20 billion in net foreign exchange realized trading gains. These factors strengthened the bank’s non-interest income.
On the expense side, operating expenses, including staff expenses, depreciation and other operating expenses, increased by 14% to N139 billion.
Balance sheet
The statement of financial position shows that total assets grew by 5.54% to N18.746 trillion, driven by growth in customers’ deposits.
GTCO shares rose by 2.0% intraday following the release of the results on April 28, 2026, closing at N130, up from N128 the previous day.
Month-on-month, the stock has gained 24%, and year-to-date (YtD), it has increased by 53.46%. This performance is nearly in line with the 59% YtD gain recorded in 2025.
