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  • Guaranty Trust’s total assets hit N16.7tr

    Guaranty Trust’s total assets hit N16.7tr

    Guaranty Trust Holding Company (GTCO) Plc grew its balance sheet by to N16.7 trillion in the first half as the group’s diversified business structure continued to gain traction.

    Key extracts of the audited report and accounts of GTCO for the half year ended June 30,, 2025 released at the Nigerian Exchange  (NGX), showed that  total assets rose by 12.8 per cent from N14.8 trillion in December 2024 to N16.69 trillion by June 2025.

    The group ecorded profit before tax of N600.9 billion on the back of strong performance on core earning lines of interest income and fee income, which grew by 31.5 per cent and 33 per cent respectively.

    The strong core-earning performance mitigated the impact of the N493.01 billion fair value gains recognised in first half  2024 which did not recur in first half 2025, thereby narrowing dip in pre-tax profit to 40 per cent.

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    Profit before tax  declined to N600.90 billion, while profit after tax fell by 50.42 per cent  to N449.01 billion.

    The board of the group has declared interim dividend of N36.43 billion, representing a  dividend per share of N1.

    The report showed that the group recorded growth across all its asset lines and continued to maintain a well-structured, de-risked, and diversified balance sheet in all the jurisdictions wherein it operates.

    The group’s banking franchise, as well as payments, pension and funds management businesses showed considerable improvements.

    Shareholders’ funds closed at N3.0 trillion in June 2025, from N2.71 trillion in December 2024. Capital Adequacy Ratio (CAR) stood at 36.2 per cent. Asset quality also improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.2 per cent at bank level and 4.5 per cent at group in first half 2025 as against -3.5 per cent and  -5.2 per cent respectively in December 2024.  Cost of Risk (COR) improved to 1.7 per cent by June 2025 from 4.9 per cent in December 2024.

    Group’s net loan book grew by 20.5 per cent from N2.79 trillion position of December 2024 to N3.36 trillion in June 2025.

    Similarly, deposit liabilities grew by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.

    Group Chief Executive Officer, Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said the half year performance reflected the strength of the group’s core business and the progress it was  making in building a truly diversified financial services ecosystem.

    He said: “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. A key driver of this momentum is our continued investment in technology, particularly the comprehensive upgrade of our core banking systems, which is already delivering stronger uptime, greater efficiency, and increased capacity to scale as our customer base grows.”

    “Across banking, funds management, pension, and payments, we are leveraging a fully de-risked balance sheet to reinforce our market position while maintaining strategic flexibility for growth. This foundation positions us to take advantage of emerging opportunities and deliver lasting value for all stakeholders”.

     He noted that the group has continued to post one of the best metrics in the Nigerian financial services  industry industry with Pre-Tax Return on Equity (ROAE) of 60.4 per cent, Pre-Tax Return on Assets (ROAA) of 10.6 per cent, Capital Adequacy Ratio (CAR) of 36.2 per cent and Cost to Income ratio of 30.1 per cent.

  • Guaranty Trust set to launch second phase of recapitalisation

    Guaranty Trust set to launch second phase of recapitalisation

    • Shareholders approve N8.03 dividend

    Guaranty Trust Holding Company (GTCO) Plc is set to launch the second phase of its recapitalisation programme, building on the success of the first phase.

    At the annual general meeting yesterday in Lagos, Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje said that the Central Bank of Nigeria (CBN)’s recapitalsation policy presented the group with an opportunity to reinforce market leadership.

    He outlined that the first phase of the group’s capital raising in 2024 attracted strong participation from both domestic retail and institutional investors, raising N209.41 billion and expanding the group’s shareholder base from 332,000 to over 460,000. “With this momentum, we are prepared to launch the second phase of our capital raising plan in 2025, targeting significant foreign institutional investments to further solidify our reputation as a globally recognized and competitive financial services brand,” Agbaje said. He said the group’s focus would be on deepening digitalization, enhancing customer experiences, and expanding ecosystem of financial and non-financial solutions.

    According to him, the group would continue to invest in cutting-edge technology, strengthening cybersecurity framework, and building strategic partnerships that unlock new growth opportunities.

    “Most importantly, we will remain true to our purpose: driving economic progress, fostering financial inclusion, and creating sustainable value for all stakeholders,” Agbaje said.

    He pointed out that in 2024, the group reached a historic milestone, delivering over N1 trillion in profit before tax, becoming the first Nigerian financial institution to achieve this feat.

    He emphasized that its banking subsidiary, Guaranty Trust Bank remains central to its operations, driving growth in Nigeria, West Africa, East Africa, and the United Kingdom.

    “In 2024, we navigated a rapidly evolving regulatory and macroeconomic environment with a focus on strengthening our financial position and delivering best-in-class banking services,” Agbaje said.

    Read Also: Guaranty Trust declares N8.03 dividend per share

    Shareholders approved payment of a total dividend of N8.03 per share for the 2024 financial year. At the company’s fourth annual general meeting, which was held virtually yesterday, shareholders approved a final dividend of N7.03 per share in addition to an interim dividend of N1 per share, representing a total dividend per share of N8.03.

    Chairman, Guaranty Trust Holding Company (GTCO) Plc, Mr Hezekiah Sola Oyinlola, emphasised the group’s ability to remain agile and forward-thinking, which has allowed the company to achieve record-breaking performances.

    He said the group’s N1 trillion profit underscored the resilience of its business model, the dedication of its people, and the trust the customers place in the group.

    According to him, the company’s success in a changing macroeconomic landscape is built on three pillars of operational excellence, disciplined risk management, and a relentless focus on customer-centric innovation.

    He noted that the banking business continues to demonstrate strong fundamentals, supported by a robust capital base and effective cost management.

    He said: “Our strategic diversification into payments, asset management, and pension fund administration has provided complementary revenue streams, reinforcing our leadership in the financial services sector”.

    Shareholders commended the board and management of the group for sustained growth.

    Chief Timothy Adesiyan, speaking on behalf of shareholders, praised the management of GTCO for their impressive financial performance in 2024 and the dividend payout.

    Also, Mrs. Bisi Bakara, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the board, management, and staff for their stellar performance and success in the face of adversity. She expressed approval for the proposed final dividend declaration of N7.03 per share, which totals N8.03 in dividend payments.

    For the year ended December 31, 2024, GTCO reported a remarkable 81.1 per cent surge in gross earnings, reaching N2.15 trillion, up from N1.19 trillion in 2023.

    Oyinlola before the end of the AGM also announced that as part of the company’s succession plan, Mr Suleiman Barau has been appointed as the new Group Chairman, pending regulatory approval.

    He said: “Barau is a former Deputy Governor of the Central Bank of Nigeria, with a proven track record of leadership and strategic insight.

    “He has been a pioneering director of GTCO since its restructuring. I am confident that under his guidance, GTCO will continue to thrive, innovate, and deliver superior value to all its customers and stakeholders”.

  • Guaranty Trust declares N8.03 dividend per share

    Guaranty Trust declares N8.03 dividend per share

    Shareholders of Guaranty Trust Holding Company (GTCO) Plc will receive a record total dividend per share of N8.03, after the holding group doubled pre-tax profit in 2024.

    Key extracts of the audited report and accounts of GTCO for the year ended December 31, 2024 released at the Nigerian Exchange (NGX) showed that the group reported profit before tax of N1.266 trillion, representing an increase of 107.8 per cent  on  N609.3 billion recorded in 2023.

    The group recorded growth across all financial and non-financial metrics, and continued to maintain a well-structured, healthy, and diversified balance sheet.

    The group’s net loan book increased by 12.3 per cent from N2.48 trillion in December 2023 to N2.79 trillion in December 2024. Deposit liabilities grew by 37.8 per cent from N7.55 trillion to N10.40 trillion during the same period. Total assets and shareholders’ funds closed at N14.8 trillion and N2.7 trillion, respectively.

    Further analysis showed that Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3 per cent. Asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5 per cent at Bank Level and 5.2 per cent at Group in December 2024, compared with Bank, 2.5 per cent and Group, 4.2 per cent in 2023. Cost of risk (COR) closed at 4.9 per cent from 4.5 per cent in December 2023.

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    Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said the performance reflected not just strong earnings but also the quality and sustainability of the earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.

    Said he: “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are profit and loss positive.”

    “Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution. We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience”.

    He noted that the total dividend of N8.03 for the 2024 was underpinned by the quality of earnings and was in line with long tradition of increasing dividend pay-out every year.

    “ Looking ahead, we remain committed to building a financial services group that thrives on innovation, operational efficiency, and sustainable profitability.

    “We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—banking, funds management, pension, and payments—to unlock new opportunities and create more value for our shareholders,” Agbaje said.

    He pointed out that the group has continued ontinues to post one of the best metrics in the Nigerian financial services industry in terms of key financial ratios, including Pre-Tax Return on Equity (ROAE) of 60.5 per cent, Pre-Tax Return on Assets (ROAA) of 10.3 per cent, Capital Adequacy Ratio (CAR) of 39.3 per cent and Cost to Income ratio of 24.1 per cent.

  • Guaranty Trust recorded N1tr profit in six months

    Guaranty Trust recorded N1tr profit in six months

    Guaranty Trust Holding Company (GTCO) Plc tripled its bottom-line in the first half to become the first Nigerian financial institution to achieve a pre-tax profit of N1 trillion.

    Key extracts of the audited report and accounts of GTCO for the six-month period ended June 30, 2024 released to the Nigerian Exchange (NGX) and London Stock Exchange (LSE) yesterday indicated three-digit growths across key performance indicators.

    The board of the company has earmarked interim dividend per share of N1 for the first half 2024.

    Group profit before tax rose by 206.6 per cent from N327.4 billion in first half 2023 to N1.004 trillion in first half 2024. Profit after tax leapt from N280.48 billion to N905.57 billion. The bottom-line performance was driven by significant expansion in group’s businesses, especially a major uptick in returns from the group’s flagship subsidiary, GTBank Nigeria Limited.

    Net interest income rose from N177.46 billion in first half 2023 to N491.51 billion in first half 2024. Net fee and commission income doubled from N51.55 billion to N101.07 billion. Other incomes doubled from N372.22 billion to N630.27 billion, a major boost to the overall group performance. GTCO explained that “other income of the holding company…is purely dividend income received from GTBank Nigeria Ltd”.

    The bottom-line was also strengthened by significant decline in net impairment charges on other financial assets, which dropped from N81.31 billion in first half 2023 to N357.55 million in first half 2024.

    The group’s balance sheet also emerged stronger. Group net loan book increased by 25.5 per cent from N2.48 trillion recorded by the year ended December 31, 2023 to N3.11 trillion by June 2024. Deposit liabilities grew by 39.8 per cent from N7.55 trillion in December 2023 to N10.55 trillion in June 2024.

    The report showed that the group recorded growth across all its asset lines, maintaining a well-structured, healthy, and diversified balance sheet across all jurisdictions wherein it operates. Performances across payments, pension and funds management business segments improved considerably, resulting in total assets and shareholders’ funds of N14.5 trillion and N2.4 trillion respectively.

    Read Also: Guaranty Trust posts N509.3b profit in 3 months

    Regulatory ratios remained strong with Capital Adequacy Ratio (CAR) of 21.0 per cent. Asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 4.3 per cent in June 2024 from 4.2 per cent in December 2023. Cost of Risk (COR) improved to 1.6 per cent in June 2024 from 4.5 per cent in December 2023. Pre-tax return on equity (ROAE) stood at 103.6 per cent while pre-tax return on assets (ROAA) closed at 16.6 per cent.

    Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje, said the first half performance underlined the resilience of the group, despite global and national challenges.

    “We are immensely proud of the progress we have made as a leading financial holding company. Despite the uncertainties in the operating environment, our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model.

    “We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–banking, funds management, pension, and payments–for rapid growth across key markets,” Agbaje said.

  • Shareholders back Guaranty Trust’s $750m capital raising

    Shareholders back Guaranty Trust’s $750m capital raising

    •Track records, higher dividends to support recapitalisation

    Shareholders of Guaranty Trust Holding Company (GTCO) Plc, the holding company for Guaranty Trust Bank (GTBank), have expressed their readiness to support the company in realising its ambitious bid to raise some N1 trillion in new capital.

    GTBank, which holds commercial banking licence with international authorisation, needs about N362 billion in new equity funds to meet Central Bank of Nigeria (CBN)’s new minimum capital requirement of N500 billion for its category of operations. GTBank has a share capital and share premium of N138.2 billion.

    The CBN, in its circular on review of minimum capital requirement for commercial, merchant and non-interest banks, had increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

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    Others included merchant banks, N50 billion; non-interest banks with national licence, N20 billion and non-interest banks with regional licence will now have N10 billion minimum capital. The 24-month timeline for compliance started on April 1, 2024 and would end on March 31, 2026.  

    In the ongoing recapitalisation, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds. While several banks have shareholders’ funds in excess of the new minimum capital base, their share premium and share capital significantly fall short of the new minimum definition. GTCO has shareholders’ funds of N2 trillion by the end of first quarter ended March 31, 2024.

    Shareholders of GTCO said they would actively mobilise for the success of the group’s recapitalisation plan citing the group’s track records of growths over the years, reputation on corporate governance and dividends and other returns over the years.

    National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, said the retail minority shareholders would support GTCO because of its records with the shareholders.

    He urged shareholders to pick up their rights in the case of rights issue, while mobilising supports for new capital issuances by the group.

    Igbrude, who leads one of Nigeria’s largest shareholders’ groups, noted that the company’s performance in 2023 was impressive, considering the situation of the country.

    He pointed out that GTCO has been at the forefront of good corporate governance, urging the boardand management of the company to continue to run the business well in order to deliver good returns to the shareholders.

    National Coordinator, Progressive Shareholders Association, Mr. Okezie Boniface, said GTCO would achieve successful recapitalisation due to its good track record of paying dividends.

    He pointed out that the company’s performance in 2023 was excellent, with growth in its earnings per share of N19.70 and the company paying N3.20 per share dividend.

    Shareholders of GTCO had last week at their Annual General Meeting in Lagos approved the company’s plan to raise $750 million.

    The shareholders mandated the board to undertake any or a combination of public offerings, private placements, rights issues and other transaction modes.

    Also, shareholders approved the payment of N94.179 billion as dividends for the year ended December 31, 2023, comprising of N2.70 per share final dividend and 50 kobo interim dividend paid last year, making a total dividend paid for the 2023 financial year to N3.20 per share.

    Chairman, GTCO, Mr. Hezekiah Oyinlola, said after three years of reorganising and fitting the business verticals into a holding company structure, the group made the first wave of progress in its drive to broaden and diversify revenue streams and solidify standing as a leading financial services provider in Africa.

    Oyinlola noted that “in 2023 the Group’s Balance sheet remained well structured and distributed with loans and advances accounting for 25.4 per cent in full year 2023, investment securities at 25.3 per cent in 2023 and placement 16.1 per cent in 2023. The Group grew its total Assets by 51.3 per cent to N9.8 trillion in 2023 due to increases posted on key asset lines including investment securities, cash & bank balances, loans and advances, and restricted deposits.”

    He added that “beyond the bottom-line, we understand that building an enduring institution is also about the underlying drive to make a sustainable impact in the communities we serve and operate in.

    “Through strategic initiatives and partnerships, we strive to address pressing social and economic challenges, enriching lives and fostering better outcomes for people and businesses across Africa.”

    Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO), Segun Agbaje stated that in spite of the varying challenges in the operating environment and headwinds that weighed on growth in 2023, the group delivered a strong performance posting a profit before tax of N609.3 billion representing a growth of 184.5 per cent from N214.2 billion achieved in full year 2022.

    According to him, this result was on the back of impressive growth in gross earnings, increasing by 120 per cent to N1.186 trillion in the year under review, underpinned by the growth on funded and non-funded income lines.

    He added that “our Nigerian banking operation accounts for 77.5 per cent of the Group’s profitability, West Africa constitutes 17.5 per cent, East Africa contributes 2.2 per cent, UK 1.9 per cent, and Non-Banking Entities make up 0.9 per cent.”

    Responding to questions at the end of the meeting, Agbaje said the board and management of the company is happy at the performance of the company in 2023 financial year and promised that the company will do better in 2024 to continue with the tradition of upward trajectory already in place in the company over the years.

    His words, “I think for us, it is a good result. We looked at the volatility in the environment and we balanced profitability with some conservatism. We are happy at how we ended 2023. For us, we have a tradition of increasing dividend, every year, so I can say categorically that in 2024, dividends will be up .Already, profit is up in the First Quarter of 2024, we have posted N509.3 billion, I think this is an indication that we will have bigger dividend in 2024.

    “If look now, from outside Nigeria, we recorded 25 per cent to 30 per cent of the profit. We have also diversified geographically. We also have three new businesses which we started which are our PFA, HabariPay and our asset management company. They are already at one per cent of Group profit in one and a half years. I think our diversification away, both banking and geographically, is going on well.

    “The next thing is to work hard and hopefully with the support of Nigerians we will raise the money”.

  • Guaranty Trust grows pre-tax profit by 184.5% to N609.3b

    Guaranty Trust grows pre-tax profit by 184.5% to N609.3b

    Guaranty Trust Holding Company (GTCO) Plc grew pre-tax profit by 184.5 per cent to N609.3 billion in 2023.

    Key extracts of the audited report and accounts of GTCO for the year ended December 31, 2023 released yesterday at the Nigerian Exchange (NGX) showed appreciable improvements in profitability and balance sheet of the group.

    The report showed that profit before tax rose from N214.2 billion in 2022 to N609.3 billion in 2023.

    The group’s net loan book Increased by 31.5 per cent from N1.89 trillion in 2022 to N2.48 trillion in 2023. Deposit liabilities grew by 63.7 per cent from N4.61 trillion to N7.55 trillion.

    The group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion respectively.

    Underlying ratios remained strong. Full impact capital adequacy ratio (CAR)  stood at 21.9 per cent.  IFRS 9 Stage 3 Loans improved to 4.2 per cent from 5.2 per cent. However, cost of risk (COR) closed 2023 at 4.5 per cent from 0.6 per cent in 2022.

    Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje, said: the challenging operating environment of 2023 truly tested the business model of the group.

    Read Also: Guaranty Trust grows profit to N433.2b in Q3

    He said the group harnessed its synergies, which yielded a strong performance, allowing the group to strengthen its foothold in banking.

    He added that the group also built viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

    “Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.

    “In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.

    “As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders,” Agbaje said.

  • Guaranty Trust grows profit to N433.2b in Q3

    Guaranty Trust grows profit to N433.2b in Q3

    Guaranty Trust Holding Company (GTCO) Plc, the holding company for Guaranty Trust Bank and its former subsidiaries, grew its pre-tax profit by 155.2 per cent to N433.2 billion in the third quarter.

    Key extracts of the interim report and accounts of GTCO for the nine-month period ended September 30, 2023, released at the Nigerian Exchange (NGX), showed that pre-tax profit rose from N169.7 billion in third quarter 2022 to N433.2 billion in third quarter 2023.

    Profit after tax jumped from N130.35 billion in third quarter 2022 to N367.42 billion in third quarter 2023. Earnings per share thus increased to N12.98 n third quarter 2023 as against N4.55 in third quarter 2022.

    The balance sheet of the group also saw significant improvements with total assets closing September 2023 at N8.62 trillion as against N6.45 trillion recorded by the year ended December 31, 2022. Total equity crossed N1 trillion mark from N931.15 billion in December 2022 to N1.27 trillion in September 2023.

    The group’s net loan book grew by 17.7 per cent from N1.89 trillion in December 2022 to N2.22 trillion in September 2023. Deposit liabilities increased by 37.9 per cent from N4.61 trillion in December 2022 to N6.36 trillion in September 2023.

    Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 25.1 per cent, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 3.8 per cent in September 2023 from 5.2 per cent December 2022. Cost of Risk (COR) closed at 4.1 per cent from 0.6 per cent in December 2022, owing to management’s conservative stance on provisioning as macros worsened, weighing negatively on the ECL variables.

    The group’s financial ratios remained strong with pre-tax return on equity (ROAE) of 52.4 per cent, pre-tax return on assets (ROAA) of 7.7 per cent, full impact capital adequacy ratio (CAR) of 25.1 per cent and cost to income ratio of 29.7 per cent.

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    Group Chief Executive Officer, Guaranty Trust Holding Company (GTCO) Plc, Mr. Segun Agbaje, said the third quarter performance underpinned the group’s strategic positioning as a leading financial holding company and reaffirmed its strong capabilities to successfully navigate the challenges in the operating environment.

    “Going into the final quarter of the year, we will continue to leverage the strengths within our growing financial services ecosystem to improve our products and service offerings, enhance customer experience, and maximise shareholder value,” Agbaje said.

    He said the group was proud of its work towards promoting enterprise across the African continent over the years and remain committed to helping indigenous small businesses thrive through consumer-focused fairs.

    He said the 6th edition of the GTCO fashion weekend scheduled to hold in Lagos between November 11 and 12 will give entrepreneurs in the Nigerian fashion retail space a free-business platform to showcase their diverse talents and creativity to a global audience.