Guaranty Trust Holding Company has reported profit before tax of N302.9 billion for the first quarter of 2026, a 0.9% increase on the same period a year earlier. The Nigerian financial services group released its unaudited results to the Nigerian Exchange Group and the London Stock Exchange.
Profit after tax came in at N218.1 billion, down 15.4% year on year, as income tax expense doubled to N84.8 billion from N42.4 billion. Earnings per share fell 24.8% to N5.89 from N7.83 in the first quarter of 2025, reflecting both lower profit and the enlarged share base that GTCO has built through recent equity raises.
MARGINAL PRE-TAX GROWTH
Pre-tax profit compared with N300.3 billion a year earlier. Interest income rose 17.5% to N467.0 billion, while non-interest revenue fell about 20%, weighed down by an unrealised fair-value loss of N40.4 billion.
The decline in after-tax profit is more pronounced than the pre-tax move, reflecting the doubling of the income tax charge.
The 24.8% fall in earnings per share, to N5.89 from N7.83 a year earlier, is steeper than the 15.4% fall in after-tax profit because of the enlarged share base following capital raises.
BALANCE SHEET CONTINUES TO GROW
Total assets rose to N18,745.6 billion at the end of March, from N17,761.2 billion at the end of 2025. Deposits from customers rose to N13,208.4 billion from N12,547.0 billion, net loans and advances to customers rose to N3,171.4 billion from N3,132.2 billion, and the capital adequacy ratio stood at 39.5%.
GTCO raised fresh equity in 2025 to meet the Central Bank of Nigeria's recapitalisation requirement for banks with international authorisation.
GTCO reported a pre-tax return on average equity of 34.4%, a pre-tax return on average assets of 6.6% and a cost-to-income ratio of 31.5%. Group chief executive Segun Agbaje said the results marked "a defining shift in the quality and composition of our earnings".