Guaranty Trust Holding Company Plc (GTCO) generated N262.58 billion in interest income from its African and United Kingdom subsidiaries during the first half of 2026, accounting for about 30% of the Group’s total interest income for the period.
This is according to the Group’s audited consolidated and separate financial statements for the six months ended June 30, 2026.
The figure represents an 11.23% decline from the N295.79 billion recorded by the Group’s foreign operations in the corresponding period of 2025, despite an increase in overall interest income at the Group level.
GTCO’s Nigerian operations remained the primary driver of interest income growth during the period.
The stronger performance from the domestic business reduced the relative contribution of foreign subsidiaries to the Group’s interest income.
Overseas operations accounted for approximately 30% of total interest income in H1 2026, compared to about 36% in the same period last year.
GTCO’s international banking operations span 10 African countries and the United Kingdom through its flagship banking subsidiary, Guaranty Trust Bank Limited (GTBank).
According to the financial statements, GTBank maintains direct investments in:
The Group also has indirect investments in Guaranty Trust Bank Rwanda Limited and Guaranty Trust Bank Uganda Limited through its acquisition of a 70% stake in Fina Bank Limited in 2013.
Ownership levels across the subsidiaries range from 77.81% in The Gambia and 83.74% in Sierra Leone to 100% ownership in the UK, Côte d’Ivoire and Uganda operations.
Despite the decline in foreign interest income contribution, GTCO maintained strong profitability during the period.
However, profit after tax declined to N414.19 billion from N449.01 billion due to a higher tax burden. Income tax expense rose to N188.85 billion during the period, compared to N151.89 billion in H1 2025.
GTCO’s balance sheet remained on a growth trajectory, with total assets rising to N18.62 trillion as of June 30, 2026, from N17.76 trillion at the end of December 2025.
Customer deposits also increased significantly, climbing to N13.97 trillion from N12.55 trillion over the same period, reflecting continued business growth across the Group’s domestic and international operations.
The Board proposed an interim dividend of N1.00 per ordinary share for the half-year period, payable to shareholders whose names appear on the register at the qualification date.
GTCO’s international subsidiaries operate under governance structures aligned with those of the parent company, while maintaining compliance with local regulatory requirements in their respective jurisdictions.
The Group’s diversified geographic footprint has historically provided earnings diversification, although the latest results show Nigerian operations playing a more dominant role in driving interest income growth amid changing market conditions across its operating regions.
