GTCO's profit after tax for the first nine months of 2026 fell by 12.16% to N614.57 billion from N699.64 billion in the same period of 2025. Profit before tax declined by 2.3% to N879.90 billion from N900.80 billion, according to the group's unaudited consolidated results. The board approved the statements on 27 October.
Net interest income fell by 1.70% to N935.88 billion in September 2026 from N952.14 billion a year earlier. Interest expenses rose by 27.7% to N356 billion from N278.73 billion, which put pressure on that line. Interest expense as a percentage of interest income stood at 27.6%, against 22.6% a year ago.
FUNDING COSTS SQUEEZE INTEREST MARGIN
Interest income calculated under the effective interest method rose to N1.251 trillion from N1.208 trillion a year earlier, according to the filing. A separate line, interest income on financial assets at fair value through profit or loss, rose to N41.31 billion from N22.46 billion.
Other income lines offered little offset. Net fee and commission income slipped to N182.42 billion from N183.22 billion, while net trading gains increased to N79.63 billion from N77.21 billion. Other income declined to N74.78 billion from N85.85 billion.
COSTS, PROVISIONS AND TAX
Depreciation and amortisation jumped 41% to N82.5 billion, following a notable increase in depreciation of property equipment. Other operating expenses rose 6.5% to N228.8 billion, which eroded pre-tax profit.
Lower provisions cushioned the result. Loan impairment charges fell to N29.02 billion from N69.79 billion, a drop of 58.4%. Income tax expense, however, increased by 31.9% to N265.32 billion from N201.16 billion, a key pressure point on net profit.
NIGERIA AND GHANA LEAD SUBSIDIARY PROFITS
GTBank Nigeria recorded a profit after tax of N480.89 billion, down from N506.63 billion in the first nine months of 2025. It reported operating income of N934.45 billion and profit before tax of N652.67 billion. GTBank Ghana contributed N112.91 billion, up from N99.70 billion, on operating income of N226.42 billion and profit before tax of N173.71 billion.
GTBank Côte d'Ivoire recorded a profit after tax of N24.07 billion, followed by The Gambia with N19.13 billion, Sierra Leone with N15.23 billion and Liberia with N9.15 billion. GTBank Kenya generated N7.63 billion, while the Tanzania operation recorded a loss of N434.19 million. GTBank UK contributed N5.76 billion.
RETURNS, QUARTER AND MARKET BACKDROP
Return on average equity decreased to 23.80% in September 2026 from 30.70% a year earlier. Earnings per share dropped to N16.58 from N20.71, and profit attributable to shareholders declined to N606 billion from N688.07 billion. For the third quarter ended 30 September, profit was N200.39 billion, down from N250.63 billion in the third quarter of 2025.
The fall in profit reflected a slight drop in fee income, the fading of foreign exchange gains and weaker lending margins, as the central bank has begun cutting interest rates in response to easing inflationary pressures. In July, GTCO, which operates across banking, payments, funds management and pension management, completed a secondary listing of its shares on the main market of the London Stock Exchange, replacing years of trading through global depositary receipts. The stock has risen by 37.9% so far this year.