GTCO’s non-bank subsidiaries grow nine-month profit by 70% to N23.9 billion

The three non-banking subsidiaries of Guaranty Trust Holding Company Plc (GTCO) recorded a combined profit before tax of N23.88 billion in the nine months ended September 30, 2026, representing a 70% increase from N14.08 billion reported in the corresponding period of 2025.

The growth was driven by stronger earnings at HabariPay Limited and Guaranty Trust Fund Managers Limited, while Guaranty Trust Pension Fund Administrator recorded a modest increase in profit.

According to GTCO’s financial statements, their combined profit after tax rose by approximately 60% to N22.39 billion from N13.97 billion a year earlier.

The subsidiaries’ combined pre-tax profit accounted for about 2.7% of GTCO’s consolidated profit before tax of N879.90 billion, compared with approximately 1.6% in the corresponding period of 2025. The group’s overall profit before tax declined from N900.80 billion.

HabariPay profit rises 72%

HabariPay, GTCO’s payments subsidiary, recorded a 72% increase in profit before tax to N11.23 billion from N6.53 billion in the corresponding period of 2025.

• Operating income rose 47% to N13.88 billion from N9.43 billion, while operating expenses declined by approximately 9% to N2.64 billion from N2.89 billion.
• The subsidiary recorded no tax charge in either period, leaving its profit after tax at N11.23 billion for the nine months.

As of September 30, 2026, HabariPay had total assets of N26.75 billion, equity of N25.61 billion and liabilities of N1.15 billion.

GT Fund Managers profit grows 82% as assets under management double

Guaranty Trust Fund Managers recorded the strongest growth in profit before tax among the three subsidiaries, with earnings rising 82% to N11.24 billion from N6.17 billion a year earlier.

• Operating income increased 77% to N14.09 billion from N7.97 billion, outpacing the 59% rise in operating expenses to N2.85 billion from N1.80 billion.
• However, the subsidiary’s tax charge increased significantly to N1.50 billion from N105.98 million, leaving profit after tax at N9.74 billion, up 61% from N6.06 billion.

The company’s total assets stood at N1.50 trillion as of September 30, 2026, including N1.47 trillion in customer deposits reported on its balance sheet. Shareholders’ equity stood at N24 billion.

Assets under management rise 101%

GT Fund Managers’ assets under management (AUM) more than doubled to N901.30 billion at the end of September 2026 from N449.43 billion at the end of December 2025, representing growth of approximately 101%.

• The Guaranty Trust Money Market Fund accounted for the largest increase, with its assets rising to N678.65 billion from N301.25 billion.
• The Guaranty Trust Dollar Fund also expanded, with assets increasing to N164.79 billion from N123.89 billion over the same period.

The growth in assets under management points to an expansion in the funds managed by the subsidiary, alongside the increase in its operating income and profitability.

GT Pension records modest profit growth

Guaranty Trust Pension Fund Administrator recorded a 3% increase in profit before tax to N1.41 billion from N1.37 billion in the corresponding period of 2025.

• Operating income rose 9% to N3.27 billion from N2.99 billion, while operating expenses increased 15% to N1.86 billion from N1.62 billion.
• With no tax charge recorded in either period, profit after tax also stood at N1.41 billion.
• The pension subsidiary remained the smallest contributor to the three companies’ combined pre-tax earnings. Its operating expenses consumed approximately 57% of operating income, compared with 54% a year earlier.
• Despite the modest profit increase, funds under management expanded to N198.97 billion at the end of September 2026 from N151.06 billion at the end of December 2025, representing growth of approximately 32%.
• Fund II, the largest retirement savings account class reported, grew to N95.80 billion from N73.05 billion. Privately managed approved existing schemes also increased to N62.47 billion from N49.28 billion.

The results show that GTCO’s non-bank businesses recorded stronger combined earnings, supported mainly by payments and fund management, while the pension subsidiary delivered slower profit growth alongside an expansion in funds under management.