GTCO stock faces 12.2% profit decline in nine-month results

Guaranty Trust Holding Company Plc reported a mixed nine-month performance for the period ended September 30, 2026. In a release dated October 27, the group said profit before tax reached NGN 879.9 billion, while profit after tax fell 12.2% year over year to NGN 614.6 billion. The company published the results through its official investor-relations announcement.

Core income holds up

GTCO said interest income, fees and commission income, and trading income increased year over year. The group also reported a NGN 87.9 billion fair value loss, which offset part of the operating improvement and contributed to the lower pre-tax result compared with the corresponding period.

Net core earnings rose 4.4% to NGN 1.505 trillion, while funded income accounted for 77.8% of gross earnings. The company said the decline in profit after tax also reflected changes to companies income tax rules affecting capital allowance reliefs.

Deposits expand as loans moderate

Total assets grew 3.5% from December 2025 to NGN 18.37 trillion. Deposit liabilities increased 8.6% to NGN 13.98 trillion, supporting GTCO's deposit franchise, while the net loan book moderated 4.1% to NGN 3.00 trillion as the group maintained a disciplined approach to risk asset creation.

Asset-quality indicators improved during the period. Group-level Stage 3 loans closed at 4.0%, compared with 5.0% at the end of 2025, while cost of risk declined to 0.9% from 2.2%. The group reported a capital adequacy ratio of 34.2%.

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