Guaranty Trust Holding Company (GTCO) Plc is set to distribute about N36.55 billion to shareholders as interim dividend for the 2026 financial year despite reporting a decline in profit after tax for the first six months of the year.
The financial services group announced an interim dividend of N1.00 for each ordinary share of 50 kobo following the release of its audited financial statements for the six months ended June 30, 2026.
GTCO said the dividend, which is subject to withholding tax and regulatory approval, will be paid to shareholders whose names appear on the company’s register at the close of business on October 12, 2026.
An analysis of the company’s audited accounts by Naijaonpoint shows that GTCO had 36.55 billion issued ordinary shares at the end of the reporting period.
At N1 per share, this translates to an estimated interim dividend commitment of approximately N36.55 billion.
The payout comes despite a 7.8 percent decline in the Group’s profit after tax to N414.19 billion in the first half of 2026 from N449.01 billion in the corresponding period of 2025.
Profit attributable to equity holders of the parent company stood at N408.54 billion, down from N441.29 billion a year earlier.
However, profit before tax remained broadly stable, increasing marginally to N603.03 billion from N600.90 billion.
The decline in after-tax earnings was largely associated with a higher income tax charge, which increased 24.3 percent to N188.85 billion from N151.89 billion in the first half of 2025.
GTCO’s basic earnings per share declined to N11.18 from N13.59 during the same period.
The proposed N1 interim dividend therefore represents about 8.9 percent of the N11.18 earnings attributable to shareholders per share for the half year.
The audited accounts also confirm that the N1 interim dividend is unchanged from the N1 per share declared for the corresponding period of 2025.
However, the amount required for the 2026 interim distribution is higher because GTCO’s issued share capital has expanded.
The 2025 interim dividend was based on approximately 34.14 billion ordinary shares, translating to about N34.14 billion.
For 2026, the N1 dividend applies to approximately 36.55 billion shares, putting the expected distribution at N36.55 billion — about N2.41 billion more than the previous year’s interim dividend.
The increase in the number of shares follows changes in GTCO’s capital structure as the Group strengthened its capital base.
GTCO’s audited results showed gross earnings of N1.107 trillion for the first half of 2026, compared with N1.073 trillion in the corresponding period of 2025.
Interest income increased to N873.39 billion from N812.36 billion, while personnel expenses rose to N56.97 billion from N54.40 billion.
Total assets stood at N18.62 trillion at the end of June, while customer deposits increased to N13.97 trillion.
October 12 Qualification Date
According to the corporate action announcement, the register of shareholders will be closed from October 13, 2026, to enable the company’s registrars, Datamax Registrars Limited and Equiniti Limited, prepare for payment.
Shareholders must therefore be on the register by the close of business on October 12 to qualify for the interim dividend.
For shareholders whose shares are listed on the Nigerian Exchange, payment is scheduled for October 20, 2026, provided they have completed e-dividend registration and mandated the registrar to pay the dividend directly into their bank accounts.
GTCO shareholders holding their shares through Depositary Interests on the London Stock Exchange will receive payment electronically, with foreign holders scheduled to receive their dividend on November 3, while local holders of Depositary Interests will be paid on or before November 6, 2026.
The company said dividends for shareholders on the NGX will be paid in naira, while holders through the LSE Depositary Interest structure will receive payment in United States dollars.
The exchange rate applicable to the dollar payments will be determined using the relevant naira-dollar exchange rate and communicated by the company on October 23, 2026.