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.
Key highlights (Q1 2026 vs Q1 2025)
- Interest income: N466.997 billion; +17.52% YoY
- Interest expenses: N110.704 billion; +39.75% YoY
- Net interest income: N356.293 billion; +11.98% YoY
- Net fee and commission income: N69.796 billion; +3.99% YoY
- Loan impairments: N7.949 billion; 41.05% YoY
- Net interest income after impairment: N348.343 billion; 14.33% YoY
- Earnings per share: N5.89; -24.78% YoY
- Total Assets: N18.746 trillion; +5.54%
- Loans and advances to customers: N3.171 trillion; +1.25%
- Customers’ deposit: N13.208 trillion; +5.27%
- Shareholders’ funds: N3.626 trillion; +6.28% YoY
Driving the numbers
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 income from loans and advances continues to drive the bank’s earnings. The bank made N183 billion from its lean loan portfolio of N3.2 trillion.
- It earned higher from its investment in securities, N187 billion; up 8.95% and 40% of total interest income.
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
Loan impairment
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.
Operating expenses
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.
- The bank mobilized about N661 billion in deposits in Q1, taking total customers’ deposits to N13.208 trillion. This accounts for over 70% of total assets.
Market performance
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.
