Guaranty Trust Holding Company (GTCO) H1 2026 earnings summary

Executive summary

• H1 PBT was ₦603.03bn, up 0.4% YoY; gross earnings reached ₦1,107.48bn, up 3.25%, while PAT fell 7.76% to ₦414.19bn.

• Fair-value and derivative losses were ₦46.21bn, versus a ₦6.5bn gain in H1 2025, following naira appreciation.

• Net loans grew 0.48%; fixed-income assets rose 22% as lending shifted away from unattractive corporate pricing.

• Non-banking businesses' share of PBT rose to 2.6% from 1.4%, supported by AUM growth in fund management and pensions.

• ROAA was 4.55%, ROAE 24.63%, and EPS ₦11.18; an interim dividend of ₦1.00 per share was declared.

Financial highlights

• Net interest income rose 2.7% YoY to ₦649.6bn; interest income was ₦873.4bn and interest expense ₦223.8bn.

• Total assets rose 4.81% YoY to ₦18,616.1bn; deposits increased 10.25% YoY to ₦14,193.7bn.

• Net loans and advances rose 0.48% YoY to ₦3,147.3bn; investment securities at amortized cost increased by ~₦1tn.

• Loan impairment charges fell to ₦18.7bn from ₦55.0bn in H1 2025.

• Fees and commission income fell by ~₦10bn, mainly from credit-related fees; POS volumes grew over 300%.

Outlook and guidance

• FY 2026 targets: 25% loan growth, 40% deposit growth, 30% ROAE and ₦1.4tn PBT; management said delivery will be challenging and require a strong H2.

• H2 earnings levers include loan growth, maintaining NIM, sustaining trading gains and avoiding further revaluation losses; management cited ₦1.3tn PBT as possible with the naira flat at the stated level.

• NIM is expected to decline from 11.8%; retail and SME lending are targeted at 20% of the loan book to support margins and growth into 2027.

• Digital innovation, ecosystem expansion, cost optimization, financial inclusion and sustainable finance remain strategic priorities.