Guaranty Trust Holding Company Plc, GTCO, has announced a profit before tax of N600.9bn for the half-year ended June 30, 2025, reflecting strong resilience in its operations even though the extraordinary fair value gains that boosted its performance in 2024 were not available this year. The profit before tax dropped by 40 per cent when compared with the same period last year, mainly because the N493.01bn fair value gains recognised in H1 2024 did not recur in H1 2025.
Despite this decline, the Group’s earnings were supported by growth in its core business segments. Interest income grew by 31.5 per cent year-on-year while fee income rose by 33.0 per cent, showing the strength of its customer base and efficiency in operations across its banking, payments, pension, and funds management businesses. This growth helped to cushion the absence of extraordinary gains and showed that the Group is now focusing on recurring and sustainable earnings.
GTCO’s financial strength was further highlighted by its balance sheet performance. The Group’s total assets closed at N16.7tn by June 2025, while shareholders’ funds stood at N3.0tn, underscoring confidence in its financial standing. The Capital Adequacy Ratio remained strong at 36.2 per cent, well above regulatory requirements, and asset quality continued to improve. Non-performing loans classified under IFRS 9 Stage 3 fell to 3.2 per cent at the bank level and 4.5 per cent at the group level, compared to 3.5 per cent and 5.2 per cent in December 2024. Cost of Risk also improved significantly to 1.7 per cent from 4.9 per cent, showing better risk management and stronger loan performance.
The Group’s loan book (net) grew by 20.5 per cent, rising from N2.79tn in December 2024 to N3.36tn in June 2025. Deposit liabilities also rose by 16.6 per cent within the same period, increasing from N10.40tn to N12.13tn. These numbers showed stronger lending capacity, improved deposit mobilisation, and trust in the Group’s services. In recognition of its earnings, the Board of GTCO approved an interim dividend of N1.00 per share for shareholders for the half-year period.
Speaking on the results, GTCO’s Group Chief Executive Officer, Mr. Segun Agbaje, said the results reflect the progress being made in building a diversified financial services ecosystem that can withstand economic shocks. He explained that while the extraordinary gains of last year were not repeated, the company is now focused on sustainable growth through recurring income streams. According to him, “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.”
Mr. Agbaje added that technology investments are at the centre of the Group’s progress. He noted that the comprehensive upgrade of the company’s core banking systems has already started delivering improved uptime, higher efficiency, and greater capacity to serve its growing customer base. He stressed that across banking, funds management, pension, and payments, GTCO is leveraging its balance sheet strength to consolidate market leadership while maintaining flexibility for future growth.
The Group also posted impressive profitability ratios. Pre-tax Return on Equity stood at 60.4 per cent, while pre-tax Return on Assets closed at 10.6 per cent. Cost-to-Income ratio was 30.1 per cent, which reflects strong income generation and effective cost management. Analysts noted that these figures show GTCO’s ability to remain profitable even without the one-off extraordinary gains that supported its 2024 results.
With nearly two decades of consistent performance, GTCO has expanded into non-banking financial services, making it one of Nigeria’s most diversified financial groups. The company’s outlook remains positive, with analysts pointing to its strong balance sheet, growing customer base, and technology investments as factors that will sustain its growth. The Group continues to compete effectively in Nigeria’s highly competitive banking sector and is also positioning itself as a strong player across Africa’s financial markets.
GTCO’s latest results highlight the challenges of relying on extraordinary gains while at the same time showing the importance of building recurring income sources. By focusing on interest income, fee income, risk management, and technology, the Group has shown it can deliver value to shareholders even in the absence of non-recurring windfalls. Market watchers say that with its strong deposit growth, healthier loan book, and robust capital adequacy, GTCO remains one of the leading financial institutions to watch in Nigeria and across Africa.
