GTCO Reports 2.32% Drop in Pre-Tax Profit for 2026

Guaranty Trust Holding Company Plc (GTCO) recorded a 2.32% decline in pre-tax profit to N879.90 billion for the nine months ended September 30, 2026, compared to N900.80 billion in the same period of 2025. This decline was attributed to rising funding costs impacting earnings.

The company's unaudited financial results, filed with the Nigerian Exchange (NGX) on October 27, 2026, indicated that gross earnings increased by 3.27% to N1.63 trillion, driven by higher interest income despite a significant rise in interest expenses. Profit after tax decreased by 12.16% to N614.57 billion from N699.64 billion, while earnings per share fell by 19.94% to N16.58 from N20.71.

Although there was a reduction in loan impairment charges, GTCO struggled to convert higher gross earnings into pre-tax profit growth due to increased operating expenses, which included a 40.98% rise in depreciation and amortisation to N82.46 billion. The balance sheet showed total assets rose by 3.45% to N18.37 trillion.

Investors are concerned about GTCO's ability to leverage its growing deposit base for loan growth and manage funding costs effectively.