Guaranty Trust Holding Company Plc (GTCO) has released its unaudited Q3 2025 results, reporting pretax profit of N299.9 billion, up 39% year-on-year.
According to the report, gross earnings for the three-month period stood at N532 billion, up 15.5% YoY from N461 billion in Q3 2024.
This strong quarter lifted the nine-month pre-tax profit to N900.8 billion down 26% year-on-year, reflecting the high base from 2024, which was buoyed by outsized FX gains that have not recurred this year.
Key highlights (Q3 2025 vs. Q3 2024)
- Net Interest Income: N319.9 billion (+10.3% YoY)
- Non-Interest Revenue (Fee, Trading & Other Income): N102.3 billion (+292% YoY)
- Operating Profit (Pre-Impairment): N408.6 billion (+28.6% YoY)
- Post-Tax Profit: N250.6 billion (+39.7% YoY)
- Earnings Per Share (EPS): N7.54 per share (+17.6%)
- Total Assets: N16.66 trillion (+13.4%)
- Customer Deposits: N11.85 trillion (+18.3%)
- Customer Loans & Advances: N3.24 trillion (+16.5%)
- Shareholders’ Funds: N3.37 trillion (+24.1%)
The drivers
GTCO’s strong third-quarter performance was underpinned by the growth in core banking operations, and a turnaround in non-interest income
- The Group’s interest income rose by 15.5% year-on-year to N418.5 billion in Q3 2025. This was driven by an expansion in the Group’s loan book.
However, this was partly offset by a sharp increase in interest expense, which climbed to N98.6 billion, up 36% from N72.5 billion in Q3 2024.
The rise in funding costs mirrors the broader trend of elevated deposit pricing and costlier wholesale funding across the Nigerian banking sector.
Even with the rise in funding costs, net interest income still grew to N319.9 billion, up 10.3% year-on-year, and moved the nine-month net interest income to N952.140 billion up 21% YoY
In terms of credit quality, the Group recorded an 8.3% reduction in loan impairment charges, which fell to N14.8 billion from N16.2 billion in Q3 2024, taking the 9-month impairment charge to N69.791 billion, up 9.81% YoY.
After accounting for loan impairment charges, net interest income after impairment came in at N305.1 billion, reflecting an 11.4% increase compared to Q3 2024, and taking the nine-month net interest income after impairment to N882.3 billion, up 23% year-on-year.
Non-interest revenue also supported earnings.
- Trading income rose to N39.3 billion from N29.8 billion, indicating improved foreign exchange positioning and treasury performance.
- More notably, other income rebounded strongly, swinging from a loss of N52.9 billion in Q3 2024 to a gain of N14.9 billion this quarter.
Balance sheet insights
GTCO’s balance sheet continued to show strong growth momentum.
Total assets rose to N16.66 trillion, up 13.4%, driven primarily by an expansion in the loan book and an increase in investment securities.
- Customer loans and advances grew by 16.5% to N3.24 trillion.
- Total investment securities stood at N4.91 trillion, up 25%, supported by higher holdings in both amortized cost and fair value through OCI instruments
GTCO’s larger position in investment securities relative to loans suggests a strategic shift toward safety, liquidity, and yield optimization,
While not inherently negative, it does raise questions about credit appetite, loan demand, and how GTCO plans to balance growth with risk in the quarters ahead.
On the funding side, customer deposits surged to N11.85 trillion, marking an 18.3% increase from year-end 2024.
- Importantly, shareholders’ funds increased to N3.37 trillion, representing a 24.1% year-to-date growth.
This was boosted by retained earnings, which rose by 26.2% to N1.67 trillion, and by a significant capital injection reflected in the share premium account, which jumped by 48.6% to N489.4 billion. Share capital also increased to N18.21 billion, up 6.7% from the start of the year.
Overall, the bank reported a decline in profit for the first nine months of 2025, with net profit falling to N699.64 billion, compared to N1.085 trillion in the same period last year.
The drop largely reflects the absence of exceptional foreign exchange gains that had significantly boosted earnings in 2024.
For context, GTCO closed the full year 2024 with a profit of N1.07 trillion, meaning its current run rate, though supported by strong core earnings, signals a more moderate profit trajectory in 2025, anchored on traditional banking income rather than one-off revaluation windfalls.
