GTCO posts N879.9bn pre‑tax profit for nine months, Ghana arm drives offshore earnings

Guarantay Trust Holding Company Plc (GTCO) released its unaudited consolidated and separate financial statements for the nine months ended 30 September 2026, showing a profit before tax (PBT) of N879.9 billion. The figure represents a 2.3 percent decline from the N900.8 billion recorded in the same period a year earlier, according to the company's filing with the Nigerian Exchange Group and the London Stock Exchange.

The decline occurred despite growth in core earnings lines: interest income rose 5 percent, fees and commission income increased 1.4 percent, and trading income grew 3.1 percent year‑on‑year. Total assets expanded 3.5 percent to N18.37 trillion, while shareholders’ funds reached N3.5 trillion. The Group’s capital adequacy ratio stood at a robust 34.The figure stood at two percent, while credit health strengthened as IFRS 9 Stage 3 exposures dropped to four percent across the Group.

Background

GTCO’s nine‑month results were released alongside detailed subsidiary performance data. The Ghana subsidiary posted a profit after tax of N112.91 billion, up 13.2 percent from N99.70 billion in the comparable 2025 period. Its profit before tax was N173.71 billion and operating income reached N226.42 billion. This made Ghana the largest contributor among GTCO’s offshore banking operations, surpassing the combined earnings of four other West African subsidiaries.

Other offshore units also added to the group’s earnings. GTBank UK recorded a profit after tax of N5.76 billion, while East African subsidiaries delivered mixed results. Domestically, the Group’s Nigerian banking business saw a moderation in net loan book size, which fell 4.1 percent to N3.00 trillion, and a 8.6 percent rise in deposit liabilities to N13.98 trillion.

GTCO’s financial metrics remained strong: pre‑tax return on average equity (ROAE) was 34 percent, pre‑tax return on average assets (ROAA) 6.5 percent, and the cost‑to‑income ratio 31.2 percent. Cost of risk improved to 0.9 percent from 2.2 percent, and coverage for credit‑impaired loans increased to 130.7 percent.

Why it matters

The results underscore GTCO’s diversified revenue base, with offshore operations now playing a more prominent role as domestic profitability faces pressure. The Ghana subsidiary’s 13.2 percent profit increase provides a key earnings buffer, helping to offset the 2.3 percent drop in overall pre‑tax profit.

Stakeholders—including shareholders, depositors, and regulatory bodies—are likely to view the strong capital adequacy ratio and improved asset quality as indicators of financial resilience. The expansion of deposit liabilities by 8.6 percent signals continued confidence from customers in the Group’s banking franchise.

Segun Agbaje, chief executive of GTCO, pointed to the company's prudent approach to risk asset generation and expense management, stating that the financial position stayed robust, highly liquid, and adequately funded even after an N87 fair-value decline.9 billion recognised during the period.

What happens next

GTCO indicated that it will continue to optimise risk‑free returns and pursue arbitrage opportunities as market conditions evolve, while investing in technology platforms to meet customer needs. The Group’s next steps include further strengthening its offshore footprint and maintaining the high quality of its risk assets, though specific future dates or decisions were not disclosed in the source material.

The company’s performance will be monitored closely by investors ahead of the upcoming annual general meeting and the release of audited financial statements, which will provide a final assessment of the nine‑month figures.