GTCO says 2.5% of facilities now run on renewable energy

Guaranty Trust Holding Company Plc (GTCO) says 2.58% of its facilities are now entirely powered by renewable energy sources, as the financial services group continues to expand the use of cleaner energy across its operations.

The disclosure was contained in the Group’s audited consolidated and separate financial statements for the six months ended June 30, 2026, which outlined GTCO’s progress in improving energy efficiency and reducing its environmental footprint.

GTCO said more of its wholly owned buildings are undergoing energy assessments to identify further opportunities for transitioning to renewable energy as part of its broader climate strategy.

GTCO renewable energy reaches 2.58%

GTCO said the transition to renewable energy forms part of a broader strategy to reduce the environmental impact of its operations while identifying opportunities to support a lower-carbon economy. The Group is also assessing more wholly owned buildings to determine where further transition to renewable energy can be achieved.

• “2.58% of GTCO’s facilities are now entirely powered by renewable energy sources, with more wholly owned buildings undergoing energy assessments to evaluate further transition opportunities,” the Group stated.
• “Currently, 10% of our banking locations are connected to dedicated power lines, while an additional 3.13% have received approval for connection.”

GTCO also disclosed that 3.5% of its ATMs are currently powered by solar energy, reducing reliance on conventional electricity. Its flagship banking subsidiary has identified locations where dedicated power supply lines can be accessed as part of efforts to reduce its environmental impact.

The Group has also set a target of reducing greenhouse gas emissions by 20% over the next five years and non-recyclable waste by 30% across its operations. Measures including timely branch shutdowns, virtual meetings, reduced business travel, duplex printing and digital documentation are being used to reduce emissions and energy consumption.

Companies turn toward solar energy

GTCO’s increasing use of solar and other alternative energy sources comes as businesses in Nigeria continue to face significant costs associated with keeping their operations powered.

Nigeria’s energy inflation rate rose to 4.69% in August 2026 from 4.40% in July, according to the latest Consumer Price Index data from the National Bureau of Statistics.

For businesses, the cost challenge extends beyond electricity tariffs, as unreliable grid supply often requires companies to depend on diesel and other fuels to maintain operations.

• The National Midstream and Downstream Petroleum Regulatory Authority reported that manufacturers spent an estimated N1.83 trillion on diesel in March and April alone to keep their production lines running.
• Earlier estimates reported by Nairametrics put the cost of larger solar systems of 10kW and above at roughly N10 million to N50 million or more, depending on the system and installation requirements.

GTCO disclosed that all 15 of its offsite locations are powered by a combination of solar energy and the national grid. The Group also said 57 ATMs and communication equipment are powered by alternative energy sources, including solar.

GTCO reports N603 billion profit

GTCO’s renewable-energy disclosure comes alongside a strong first-half financial performance, with the Group recording profit before tax of N603.03 billion for the six months ended June 30, 2026. This represented marginal growth from the N600.90 billion recorded in the corresponding period of 2025.

Interest income increased by 7.5% year-on-year during the period, while trading income rose by 24.7%, although a N46.2 billion fair-value loss moderated the overall growth in profit before tax.

The Board also proposed an interim dividend of N1.00 per ordinary share on the issued capital. The financial statement subsequently noted that the Board proposed and declared the N1.00 interim dividend per share after the June 2026 balance-sheet date.

GTCO’s international banking operations remained a significant contributor to earnings, with the Group generating N262.58 billion in interest income from its African and United Kingdom subsidiaries during the first half of 2026.