GTCO Reports ₦603bn Pre-Tax Profit as H1 Net Profit Falls 7.8%, Declares ₦1 Dividend

GTCO reported a pre-tax profit of ₦603.03 billion for the first half of 2026, a marginal 0.35% rise from ₦600.90 billion in the same period last year. Gross earnings grew 3.25% to ₦1.11 trillion, while the board proposed an interim dividend of ₦1 per ordinary share. Interest income rose 7.51% to ₦873.39 billion, while loan impairment charges dropped sharply by 65.94% to ₦18.72 billion. However, interest expenses increased by 24.24%, operating expenses rose 7.31%, and fee and commission income declined by 8.98%. Profit after tax fell 7.76% to ₦414.19 billion, mainly because income tax expense rose to ₦188.85 billion. Customer deposits increased 11.32% to ₦13.97 trillion, while the bank's loans and advances grew only slightly to ₦3.15 trillion. GTCO shares closed at ₦137 on September 28, up 51.05% from the start of the year. Investors will be weighing the modest pre-tax profit growth, lower net profit and the proposed interim dividend.

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