Guaranty Trust Holding Company Plc released its unaudited group financial results for the first quarter ended 31 March 2026, showing a modest increase in profit before tax but a sharper decline in profit after tax.
The bank’s profit before tax rose 0.88 percent year‑on‑year (YoY) to N302.891 billion, up from N300 billion in the same period of 2025. After‑tax profit fell 15.42 percent to N218.126 billion, a drop attributed primarily to higher tax liabilities.
Interest income grew strongly, reaching N466.997 billion, up 17.52 percent YoY, while interest expenses accelerated to N110.704 billion, a 39.75 percent increase. Net interest income therefore rose 11.98 percent to N356.293 billion. Net fee and commission income increased 3.99 percent to N69.796 billion. Loan impairments fell 41.05 percent YoY to N7.949 billion, boosting net interest income after impairment to N348.343 billion, a 14.33 percent rise.
Earnings per share declined 24.78 percent to N5.89. Total assets expanded 5.54 percent to N18.746 trillion, while loans and advances to customers grew 1.25 percent to N3.171 trillion. Customer deposits rose 5.27 percent to N13.208 trillion, representing more than 70 percent of total assets. Shareholders’ funds increased 6.28 percent to N3.626 trillion.
Among subsidiaries, Habari Pay Ltd posted the highest pre‑tax profit among non‑banking units, posting N3.75 billion versus N1.664 billion a year earlier.
The bank’s earnings continue to be driven by interest income from its loan portfolio, which generated N183 billion from a lean loan book of N3.2 trillion. Investment securities contributed N187 billion, up 8.95 percent and accounting for 40 percent of total interest income. Interest expenses remain dominated by customer deposits, which represented 92 percent of total interest expense of N110.7 billion, a 34 percent YoY increase.
Non‑interest income was buoyed by fees and commissions of N80 billion, including N22 billion from e‑business activities and N16.7 billion from credit‑related fees. Net foreign‑exchange realized trading gains added more than N20 billion.
Operating expenses, encompassing staff costs, depreciation and other items, rose 14 percent to N139 billion.
Overall, the results show Guaranty Trust Holding Company maintaining solid asset growth and strong interest‑income generation while keeping loan impairments low. The decline in after‑tax profit underscores the impact of higher taxation. The bank’s ability to mobilise deposits—N661 billion in the quarter—supports its asset base and positions it for continued earnings generation in the remainder of 2026.
