Guaranty Trust Holding Company Plc (GTCO) reported a 12.2% drop in nine-month profit after tax as deposit interest expense and income-tax charges rose faster than its combined interest income.
GTCO’s unaudited consolidated filing put profit after tax at ₦614.572 billion for the nine months ended Sept. 30, compared with ₦699.642 billion in the same period of 2025. The board approved the statements Oct. 27, according to the filing with the Nigerian Exchange. Profit attributable to parent-company equity holders was ₦605.996 billion, down from ₦688.072 billion. The results add a financial breakdown to EconoTimes’ earlier report on GTCO’s nine-month profit decline.
GTCO’s two interest-income lines totaled ₦1.292 trillion, up about 5% from ₦1.231 trillion a year earlier. The effective-interest line contributed ₦1.251 trillion, compared with ₦1.208 trillion, while interest income on financial assets at fair value through profit or loss rose to ₦41.310 billion from ₦22.460 billion.
Interest expense climbed 27.7% to ₦355.999 billion from ₦278.728 billion. Net interest income, the difference between interest income and expense, fell 1.7% to ₦935.883 billion from ₦952.140 billion. Interest expense equaled 27.6% of interest income, compared with 22.6% a year earlier.
Interest expense on customer deposits increased to ₦325.248 billion from ₦228.181 billion. By contrast, interest expense on other borrowed funds fell to ₦3.005 billion from ₦34.893 billion.
Pre-tax profit declined 2.3% to ₦879.897 billion from ₦900.804 billion. Income-tax expense rose 31.9% to ₦265.325 billion from ₦201.163 billion, contributing to the larger decline in profit after tax.
Depreciation and amortization increased 41% to ₦82.465 billion, and other operating expenses rose 6.5% to ₦228.829 billion. Loan impairment charges moved lower, falling 58.4% to ₦29.024 billion.
Other income declined 12.9% to ₦74.784 billion from ₦85.846 billion. Fair-value losses on financial instruments widened to ₦87.856 billion from ₦49.165 billion in the 2025 period, while unrealized foreign-exchange revaluation gains fell to ₦1.812 billion from ₦16.192 billion. Net fee and commission income eased 0.4% to ₦182.419 billion from ₦183.225 billion. Basic earnings per share attributable to parent-company equity holders was ₦16.58, compared with ₦20.71 a year earlier.
