GTCO’s Ghana subsidiary leads offshore earnings with N112.9 billion profit in 9M 2026

Guaranty Trust Holding Company Plc’s (GTCO) Ghana subsidiary generated N112.91 billion in profit after tax in the first nine months of 2026, making it the largest earnings contributor among the group’s reported offshore banking operations.

The subsidiary recorded profit before tax of N173.71 billion and operating income of N226.42 billion for the nine months ended September 30, 2026, according to GTCO’s unaudited financial statements.

Its profit after tax rose by 13.2% from N99.70 billion recorded in the corresponding period of 2025, providing a source of earnings growth for the group amid declining profitability in its Nigerian banking business.

The performance underscores the contribution of GTCO’s international banking operations across West Africa, East Africa and the United Kingdom, although its domestic business remains a major driver of group earnings.

Côte d’Ivoire, Gambia and Sierra Leone record profits

Other West African subsidiaries also contributed to GTCO’s offshore earnings during the period.

• Guaranty Trust Bank Côte d’Ivoire recorded profit after tax of N24.07 billion, while the Gambian subsidiary posted N19.13 billion and Sierra Leone generated N15.23 billion.
• The Liberia subsidiary contributed N9.15 billion in profit after tax.

Ghana’s N112.91 billion profit exceeded the combined earnings of these four other West African subsidiaries, highlighting the market’s contribution to GTCO’s reported international banking profits.

East African operations deliver mixed results

GTCO’s East African subsidiaries recorded varying performances in the nine months ended September 2026.

• Guaranty Trust Bank Kenya posted profit after tax of N7.63 billion, while its Tanzanian operation recorded a loss of N434.19 million.
• Tanzania was the only reported offshore subsidiary among the markets highlighted to post a loss during the period.

GTBank UK also contributed to the group’s international earnings, recording profit after tax of N5.76 billion.

Offshore earnings amid pressure on group profit

GTCO reported consolidated profit before tax of N879.90 billion for the nine months ended September 30, 2026, down 2.3% from N900.80 billion recorded a year earlier.

• Profit after tax fell by 12.2% to N614.57 billion from N699.64 billion, while interest expenses rose by 27.7% to N356 billion from N278.73 billion.
• The group’s Nigerian banking subsidiary generated N480.89 billion in profit after tax, compared with N112.91 billion from Ghana.
• However, Nigeria’s profit after tax declined from N506.63 billion in the corresponding period of 2025, while Ghana’s earnings increased from N99.70 billion.
• The contrasting performances show that Ghana’s banking business recorded profit growth as earnings from the Nigerian operation weakened, providing a different earnings trajectory across GTCO’s major markets.

The reported figures cover selected offshore subsidiaries and do not provide a complete breakdown of earnings from every international market in which the group operates.