Core earnings drive GTCO to N600.9bn H1 profit
Guaranty Trust Holding Company Plc has recorded a profit before tax of N600.9bn for the half-year ended June 30, 2025, driven by growth in its core earnings lines, despite the absence of extraordinary gains that boosted performance in H1-2024.
The Group’s interest income and fee income surged 31.5 per cent and 33.0 per cent year-on-year, respectively, reflecting strong operational efficiency and customer engagement across its banking, payments, pension, and funds management businesses. These gains cushioned the impact of the N493.01bn fair value gains recognised in the corresponding period last year, which did not recur in H1-2025, narrowing the year-on-year dip in PBT to 40 per cent.
GTCO total assets closed at N16.7tn, while shareholders’ funds stood at N3.0tn, underscoring the Group’s continued financial strength.
The Capital Adequacy Ratio remained robust at 36.2 per cent, while asset quality improved as IFRS 9 Stage 3 Loans reduced to 3.2 per cent at the bank level and 4.5 per cent at the group level in H1-2025, down from 3.5 per cent and 5.2 per cent, respectively, in December 2024. Cost of Risk also improved significantly to 1.7 per cent from 4.9 per cent in December 2024.
The Group’s loan book (net) grew 20.5 per cent from N2.79tn in December 2024 to N3.36tn in June 2025, while deposit liabilities rose 16.6 per cent from N10.40tn to N12.13tn over the same period. Reflecting confidence in its earnings, the Board approved an interim dividend of N1.00 per share for H1-2025.
Commenting on the results, GTCO Group Chief Executive Officer Segun Agbaje said, “Our half-year performance reflects the strength of our core business and the progress we are making in building a truly diversified financial services ecosystem. Beyond the extraordinary one-off gains of last year, we are now driving sustainable growth with recurring earnings that highlight the resilience and scalability of our model.”
He added, “A key driver of this momentum is our continued investment in technology, particularly the comprehensive upgrade of our core banking systems, which is already delivering stronger uptime, greater efficiency, and increased capacity to scale as our customer base grows. Across banking, funds management, pension, and payments, we are leveraging a fully de-risked balance sheet to reinforce our market position while maintaining strategic flexibility for growth.”
Additionally, the group recorded a pre-tax Return on Equity of 60.4 per cent, a pre-tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and a Cost to Income ratio of 30.1 per cent.
