GTCO’s pre-tax profit slips 2.3% to N879.90 billion in 9M 2026 as funding costs bite

Guaranty Trust Holding Company Plc (GTCO) experienced a 2.32% decrease in pre-tax profit to N879.90 billion for the nine months ending September 30, 2026, compared to N900.80 billion in the same period last year. Rising funding costs negatively impacted earnings during the period. Gross earnings increased by 3.27% to N1.63 trillion, driven by higher interest income, while profit after tax declined by 12.16% to N614.57 billion, and earnings per share fell by 19.94% to N16.58 from N20.71.

Despite higher interest income and reduced loan impairment charges, GTCO was unable to convert higher gross earnings into growth in pre-tax profit due to increased operating expenses, with depreciation and amortisation rising by 40.98% to N82.46 billion. Non-interest income provided little additional support. GTCO's balance sheet expanded with total assets growing by 3.45% to N18.37 trillion, showing a growing deposit base and stronger equity position.

However, the decline in customer lending and weaker third-quarter net interest income highlight challenges for the group as it approaches the final quarter of 2026. Investors will monitor whether GTCO can translate deposit growth into stronger lending activity, ease funding costs, and maintain lower impairment charges. The share price dropped by 1.52% to N123.20 on October 27, 2026.