Guaranty Trust Holding Company Plc (GTCO) has announced its unaudited group financial results for the first quarter ended March 31, 2026. The Group’s profit before tax saw a marginal year-on-year growth of 0.88%, reaching N302.891 billion compared to N300 billion in Q1 2025.
However, profit after tax experienced a decline of 15.42%, settling at N218.126 billion. This reduction is primarily attributed to higher tax liabilities incurred during the period.
Habari Pay Ltd, GTCO's non-banking subsidiary, emerged as a significant contributor, reporting a pre-tax profit of N3.75 billion, a substantial increase from N1.664 billion in Q1 2025.
Key financial metrics for Q1 2026 compared to Q1 2025 include: Interest income rose by 17.52% to N466.997 billion, while interest expenses increased by 39.75% to N110.704 billion. Net interest income grew by 11.98% to N356.293 billion. Net fee and commission income saw a 3.99% increase to N69.796 billion. Loan impairments decreased by 41.05% to N7.949 billion, leading to a 14.33% increase in net interest income after impairment to N348.343 billion.
Earnings per share stood at N5.89, a decrease of 24.78% year-on-year. Total assets grew by 5.54% to N18.746 trillion. Loans and advances to customers increased by 1.25% to N3.171 trillion, while customers' deposits rose by 5.27% to N13.208 trillion. Shareholders' funds saw a 6.28% year-on-year increase to N3.626 trillion.
The bank's strong performance was underpinned by robust interest and non-interest income, coupled with low loan impairments. Interest income from loans and advances, which generated N183 billion from a loan portfolio of N3.2 trillion, continues to be a primary driver of earnings. Additionally, the bank earned N187 billion from its investment in securities, accounting for 40% of total interest income.
Interest expenses on customer deposits constituted 92% of the total N110.7 billion interest expenses, marking a 34% year-on-year increase. Despite this, the net interest income remained strong at N356 billion, reflecting a 12% increase compared to Q1 2025.
