₦airaland Forum

Guaranty Trust Holding Company Plc (GTCO) has released its H1 2026 results, reporting pre-tax profit of N603.03 billion for the period ended June 2026, representing a marginal 0.35% increase from N600.90 billion recorded in the corresponding period of 2025.

According to the audited financial statements, gross earnings rose by 3.25% to N1.11 trillion from N1.07 trillion, while earnings per share declined by 17.73% to N11.18 from N13.59. </span </span

The Board also proposed an interim dividend of N1.00 per ordinary share on the issued capital, payable to the Shareholder on the register of shareholding at the closure date.

Key Highlights (H1 2026 vs. H1 2025)
Gross earnings: N1.11 trillion; +3.25% YoY.
Interest income: N873.39 billion; +7.51% YoY.
Interest expense: N223.79 billion; +24.24% YoY.
Net interest income: N649.60 billion; +2.75% YoY.
Loan impairment charges: N18.72 billion; -65.94% YoY.
Net interest income after impairment: N630.88 billion; +9.29% YoY.
Net fee and commission income: N123.03 billion; -8.98% YoY.
Profit after tax: N414.19 billion; -7.76% YoY.
Total assets: N18.62 trillion; +4.81% from N17.76 trillion as of December 2025.
Loans and advances to customers: N3.15 trillion; +0.48% from N3.13 trillion as of December 2025.
Customer deposits: N13.97 trillion; +11.32% from N12.55 trillion as of December 2025.
Total equity: N3.32 trillion; -2.82% from N3.41 trillion as of December 2025. GTCO H1 2026
Cash and cash equivalents: N4.14 trillion; -21.72% from N5.28 trillion as of December 2025


Driving the numbers
GTCO’s pre-tax profit was driven by stronger interest income and sharply lower loan impairment charges, but the gains were largely absorbed by higher funding and operating costs and weaker non-interest income.

The topline remained positive in H1 2026, although growth was modest. Gross earnings increased by 3.25% to N1.11 trillion, supported primarily by interest income, which rose 7.51% to N873.39 billion from N812.36 billion. The interest income was driven by:

Interest income from loans and advances to customers although broadly flat at N297.77 billion versus N297.54 billion, accounted for the largest share at 34.1%.
Cash and cash equivalents, which increased to N204.72 billion from N131.95 billion and contributed 23.4% of total interest income.

FVOCI investment securities, which rose to N244.84 billion from N234.23 billion and contributed 28.0%.

Income from investment securities at amortised cost, which declined to N98.69 billion from N126.82 billion, contributed 11.3%

However, the benefit from the strong interest income was partly offset by a 24.24% increase in interest expense to N223.79 billion, leaving net interest income up by just 2.75% to N649.60 billion.

The biggest support to the bottom line came from lower credit impairment charges. Loan impairment charges fell 65.94% to N18.72 billion from N54.97 billion, allowing net interest income after loan impairment charges to increase by 9.29% to N630.88 billion.

It also recorded a N34.86 billion impairment reversal on other financial assets, further supporting earnings.

However, non-interest income provided less support. Net fee and commission income declined 8.98% to N123.03 billion, while other income fell to N44.35 billion from N70.92 billion.

This outweighed the increase in trading gains to N47.30 billion from N37.92 billion, resulting in total operating income growing by only 2.96% to N845.56 billion.

Operating expenses
Cost pressures also constrained profit growth. Total operating expenses increased 7.31% to N277.39 billion, driven notably by depreciation and amortisation, which rose 41.82% to N54.31 billion, alongside a 4.72% increase in personnel expenses to N56.97 billion.

Consequently, despite stronger interest income and substantially lower impairment charges, pre-tax profit increased by only 0.35% to N603.03 billion from N600.90 billion.

Profit after tax, however, declined by 7.76% to N414.19 billion from N449.01 billion, largely due to a 24.33% increase in income tax expense to N188.85 billion from N151.89 billion.

The higher tax charge effectively erased the marginal improvement recorded at the pre-tax level.

Balance sheet
On the balance sheet, total assets grew by 4.81% to N18.62 trillion from N17.76 trillion, supported largely by an 11.32% increase in customer deposits to N13.97 trillion, equivalent to 75.03% of total assets.

Much of the additional funding was channelled into investment securities, which rose 21.78% to N6.73 trillion, increasing their share of assets to 36.14%. In contrast, customer loans grew just 0.48% to N3.15 trillion, indicating that balance-sheet expansion tilted more towards investment securities than lending.

Meanwhile, cash and cash equivalents declined 13.19% to N4.74 trillion, while total liabilities increased 6.63% to N15.30 trillion. Deposits from banks fell 30.84% to N226.16 billion, while other borrowed funds declined 81.02% to N15.61 billion.

Total equity declined 2.82% to N3.32 trillion, with retained earnings falling 5.98% to N1.62 trillion and equity’s share of total assets declining to 17.81%.

Share price performance
GTCO’s share price closed at N137.00 on September 28, 2026, unchanged from the previous trading day and representing a 51.05% year-to-date gain from its opening price of N90.70 at the start of the year.

Recent trading shows the stock gaining momentum in the latter part of September. The share price rose from N130.00 on September 18 to N137.00 on September 28, representing a 5.38% increase over the period. It reached N137.50 on September 23 before easing to N137.00, where it remained through September 28.

What happens next will depend on how investors perceive the H1 results, particularly the marginal 0.35% growth in pre-tax profit, the 7.76% decline in profit after tax, stronger interest income and lower impairment charges, as well as the N1.00 interim dividend.

Dapagun:
Is this what GTbank held on to for close to 3 months?

This is disappointing, ever since Miriam Olusanya took over that bank, things have been weird. A 7% decline in profit after tax from last year when all other banks (even those ran by women) are growing is sad.

I don't know if it is laziness, incompetence or complacence but GTbank is gradually losing its edge and perhaps investors should be worried

Mindlog:
One naira dividend is so very poor for a share worth N132, not even up to 1% return!

EdiskyHarry:
I was once a gtb customer. Sometimes you wake up to see one useless illegal debit from the bank. One of the worst Banks in Nigeria

Fiscus105:
With this amount of profit declared now, just go and interview the employees, and see how vast majority of them would be lamenting about eaten from hands to mouth.

Nigeria govt needs to do more, if indeed they want to fight poverty among the populace, by stoping mass exploitation of employees by rich owners of companies.

People you are using to get such massive amount of money, need to be taken care as well and it shouldn't be only the one in managerial level, but down to the lowest cadres.

Hemanwel:
Dividend of N1?? Or I didn't read well? How much did a share go for during the IPO?

Investing in the stock market in Nigeria is looking like a bad investment, I tell ya! The other day, i read about someone who invested N11,250 (or so) in...(can't remember the name of the company) and was paid a N35k dividend after 16 years.

This isn't making sense at all!

EdiskyHarry:
I was once a gtb customer. Sometimes you wake up to see one useless illegal debit from the bank. One of the worst Banks in Nigeria

nairavsdollars:
Why won't they? Banks are ripping Nigerians off with many nonsense charges. That N50 stamp duty charge is fraud. They dont do it in other countries i know

Jennyclay:
I transferred 700k to my GT account last week just to save and ever since then i do receive this message almost everyday.

Gboss247:
Do you even understand what you are typing or you just want to comment?

Gboss247:
It is a message from Guaranty Trust Fund Managers Limited, the investment subsidiary of GTCO.

Fiscus105:
With this amount of profit declared now, just go and interview the employees, and see how vast majority of them would be lamenting about eaten from hands to mouth.

Nigeria govt needs to do more, if indeed they want to fight poverty among the populace, by stoping mass exploitation of employees by rich owners of companies.

People you are using to get such massive amount of money, need to be taken care as well and it shouldn't be only the one in managerial level, but down to the lowest cadres.

Rich4god:
Banks declaring profits... Staff struggling with Thier life

Only in Nigeria will you see company's profit very very high, staff welfare very very low.

Hemanwel:
Dividend of N1?? Or I didn't read well? How much did a share go for during the IPO?

Investing in the stock market in Nigeria is looking like a bad investment, I tell ya! The other day, i read about someone who invested N11,250 (or so) in...(can't remember the name of the company) and was paid a N35k dividend after 16 years.

This isn't making sense at all!

EdiskyHarry:
I was once a gtb customer. Sometimes you wake up to see one useless illegal debit from the bank. One of the worst Banks in Nigeria