GTCO’s Q3 2026 Results: Profit Falls 12.2% as Loan Book Shrinks

I warned that GTCO’s delayed half-year results could signal deeper problems. Its nine-month results for the period ended September 30, 2026, show profit after tax falling 12.2% to ₦614.6 billion. Earnings per share dropped from ₦20.70 to ₦16.60, while return on average equity fell from 30.7% to 23.8%. I believe these figures point to a worsening decline, not just a difficult quarter. The loan book contracted 4.1% to ₦3.004 trillion, even as customer deposits grew 8.6% to ₦13.98 trillion. The loan-to-deposit ratio fell to 21.5%. Interest expenses and operating costs rose, while fee income barely increased. In my view, the combination of shrinking lending, lower earnings and rising costs raises serious questions about the bank’s strategy and performance. GTCO’s Nigerian subsidiary also reported lower profit, while its Ghanaian operation recorded growth. I see this contrast as a reason to examine the group’s leadership and local performance more closely. Zenith Bank reported higher nine-month profit before tax, though its profit after tax also declined amid tax changes. GTCO’s management needs to explain how it plans to improve lending and earnings. These results should be debated on their financial merits, rather than dismissed as tribalism or jealousy.

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