GTCO Sees Profit Boost Amid High Interest Income
Guaranty Trust Holding Company Plc reported a slight profit increase in Q1, driven by strong interest income, though net profit fell due to rising tax liabilities
Channels Television
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The useful update
- GTCO's profit before tax grew by 0.88% YoY to N302.891 billion
- Interest income increased by 17.52% YoY, totaling N466.997 billion
The stakes
- The rise in interest income indicates strong performance in GTCO’s lending operations
- The decline in profit after tax highlights challenges with tax costs, which could impact future profitability
The next check
- GTCO is one of Nigeria's leading financial institutions, engaged in banking and non-banking financial services
- The financial period covered is Q1 2026, providing insight into GTCO's early performance for the year
Where this came from
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Original report GTCO Profit In Q1 Grows To N303bn On Strong Interest Income
Publisher: Channels Television · Published Apr 29, 10:36 am · channelstv.com
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The short version
Guaranty Trust Holding Company Plc, newly released unaudited group financial results for Q1 ended March 31, 2026, have seen its profit before tax grow by 0.88% YoY to N302.891 billion compared…
Profit after tax, however, declined by 15.42% to N218.126 billion, primarily due to higher tax liabilities
Guaranty Trust Holding Company Plc’s newly released unaudited group financial results for Q1 ended March 31, 2026, have seen its profit before tax grow by 0.88% YoY to N302.891 billion compared to the N300 billion in Q1 2025
What happened
- GTCO's profit before tax grew by 0.88% YoY to N302.891 billion
- Interest income increased by 17.52% YoY, totaling N466.997 billion
- Profit after tax declined by 15.42% to N218.126 billion, primarily due to higher tax liabilities
- Habari Pay Ltd reported a pre-tax profit of N3.75 billion, up from N1.664 billion
- Interest expenses rose by 39.75% YoY to N110.704 billion
Why this matters
- The rise in interest income indicates strong performance in GTCO’s lending operations
- The decline in profit after tax highlights challenges with tax costs, which could impact future profitability
- The performance of Habari Pay Ltd suggests diversification in GTCO's revenue sources, reducing reliance on traditional banking
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