Guaranty Trust Holding Company Plc grew interest income to N458.46 billion for the first quarter ended March 31, 2026, from N386.03 billion in the corresponding period of 2025, reflecting expansion in loans to customers and improved yields on earning assets.
According to its unaudited condensed consolidated and separate financial statement for the period ended March 31st, the increase in core interest earnings supported a rise in net interest income to N356.29 billion from N318.17 billion, despite a higher interest expense of N110.70 billion compared with N79.22 billion in the prior period, driven by increased funding costs on deposits and borrowings.
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After accounting for loan impairment charges, which declined to N7.95 billion from N13.48 billion, net interest income after impairment rose to N348.34 billion from N304.69 billion, indicating improved asset quality and lower credit losses.
Profit before tax increased to N302.89 billion from N300.26 billion, supported by higher interest earnings and trading income. However, profit after tax declined to N218.13 billion from N257.91 billion, reflecting a combination of lower non-interest income and higher operating and tax costs.
Non-interest revenue recorded mixed performance during the period. Fee and commission income rose to N80.31 billion from N74.99 billion, while fee and commission expenses increased to N10.51 billion from N7.87 billion, resulting in net fee and commission income of N69.80 billion compared with N67.12 billion in 2025.
Net trading gains on financial instruments increased to N25.69 billion from N20.25 billion, contributing to revenue growth. However, other income declined to a loss of N1.57 billion from a gain of N30.68 billion in the prior year, reversing gains recorded in that line.
Operating expenses rose across key cost lines. Personnel expenses increased to N31.89 billion from N27.48 billion, depreciation and amortisation rose to N26.30 billion from N17.73 billion, while other operating expenses increased to N81.01 billion from N77.22 billion. Income tax expense increased to N84.76 billion from N42.35 billion, contributing to the decline in profit after tax despite growth in pre-tax earnings.
On the balance sheet, total assets rose to N18.75 trillion as at March 31, 2026, from N17.76 trillion at the end of December 2025, supported by increases in cash balances, loans to customers, and other assets. Loans and advances to customers stood at N3.17 trillion, while customer deposits increased to N13.21 trillion from N12.55 trillion, reflecting growth in the funding base.
Cash flow from operating activities increased to N767.22 billion from N208.07 billion in the prior period, driven by higher deposits and interest receipts.
Total comprehensive income declined to N180.58 billion from N267.36 billion, reflecting foreign currency translation losses and fair value changes on financial assets recorded in other comprehensive income.
Earnings per share declined to N5.89 from N7.83, in line with the reduction in profit attributable to equity holders, which stood at N215.34 billion compared with N254.42 billion in the prior period.
Despite the decline in earnings, the company’s share price rose 43.3 percent from N90.70 at the start of the year to N129.85 as at the close of trading on Tuesday, placing it 50th on the Nigerian Exchange in terms of year-to-date performance.
Guaranty Trust Holding Company is currently ranked as the 10th most valuable stock on the exchange, with a market capitalisation of N4.75 trillion, representing about 3.23 percent of the total equity market.