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GTBank Sustains Growth Momentum
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With profit after tax of N142 billion, total assets of N4.6 trillion and shareholders’ funds of N755.5 billion for the nine months ended September 30, 2020, Guaranty Trust Bank Plc has recorded an impressive performance, writes Goddy Egene
Shareholders of Guaranty Trust Bank (GTBank) Plc heaved a big sigh of relief last week after the bank announced its nine months results ended September 31, 2020. The bank reported a performance that was commendable considering the operating environment that prevailed in the review period.
The economy has suffered from the COVID-19 induced lockdown and companies operating are expected to feel the negative impact. Hence, there were apprehension over what the financial results of listed companies, including banks, would look like at the end of third quarter (Q3).
However, GTBank reported a resilient results, showing growth in most performance metrics. The bank recorded a net income of N188 billion, up from N173 billion in the corresponding period of 2019. Net fee income stood at N33 billion, compared with N47 billion in 2019. Loan impairment charges soared by 267 per cent from N2.762 billion to N10.145 billion in 2020.
GTBank ended the nine months with a profit before tax (PBT) of N167.352 billion as against N170.652 billion in 2019, and profit after tax of N142.283 billion compared with N146.989 billion in 2019.
GTBank’s balance sheet remained well structured, diversified and resilient with total assets and shareholders’funds printing at N4.574 trillion and N755.5 billion respectively. Full impact capital adequacy ratio (CAR) remained very strong, closing at 23.9 per cent. Similarly, asset quality was sustained as non-performing loan(NPL) ratio and cost of risk (COR)closed at 6.5 per cent and 0.6 per cent in September 2020 from 6.5 per cent and 0.3 per cent in December 2019 respectively.
In all, GTBank Plc continues boast of the best performing indicators in terms of all financial ratios including: post-tax return on equity (ROAE) of 26.3 per cent, post-tax return on assets (ROAA) of 4.6 per cent, and cost to income ratio of 40.2 per cent.
Commenting on the performance, the Managing Director/CEO of GTBank Plc, Mr. Segun Agbaje, said: “Our third quarter (Q3) result is a reflection of how we have appropriately positioned our balance sheet to cope with current economic realities and the challenging business environment. It is also testament to the enduring loyalty of our customers, the hard work and dedication of our staff and the unwavering support we continue to enjoy from all our stakeholders in our drive to deliver best-in-class financial services and superior and sustainable returns.”
According to him, as an organisation, “we will continue to build on our commitment to enriching lives by leveraging our digital-first customer-centric strategy to improve customer experience and maintain a high standard in service delivery, and going beyond banking to create and drive innovative financial solutions that add value to our customers in all aspects of their lives.”
Assessing the results, analysts at FBNQuest Research said GTBank’s 9M PBT of N167bn implies that the bank will have to deliver Q4 PBT of N68 billion to meet its full year guidance of N235 billion.
“While this is not impossible, we believe that it would be a stretch given the prevailing macroeconomic and low yield environment. Management was unwilling to revise its guidance on its Q2 2020 conference call. As such, it appears the bank’s current run-rate is more in line with our N229 billion full year PBT forecast. Further down the profit and loss (P&L), PAT missed by 12 per cent, largely because of a negative result of -N4.4 billion in other comprehensive income (OCI). Despite this, the bank’s PAT still implies a healthy annualised ROAE of 28.9 per cent, ahead of its full year ROAE guidance of over 25 per cent. We expect a neutral reaction from the market following the limited surprises on the results,” they said.
Speaking only on the third quarter(Q3) result, FBNQuest said Q3 PBT grew five per cent to N57.6 billion on the back of six per cent increase in pre-provision profit and two per cent reduction in operations expenses(opex). Pre-provision profit growth was driven by 10 per cent increase in funding income, thanks to a sharp reduction in interest expense.
In bid to sustain its impressive performance and deliver returns to shareholders, the bank is proposing to diversify into payment service banking (PSB), asset management business and pension administration among others. This the bank hopes to achieve through the adoption of a holding company (HoldCo) structure.
The Central Bank of Nigeria (CBN) has given the bank an approval-in-principle to commence the transform into HoldCo structure. According to the bank, reorganisation is expected to be implemented by means of a scheme of arrangement with its shareholders pursuant to the Companies and Allied Matters Act.
Agbaje explained that the competitive landscape as it were for the non-core banking businesses didn’t warrant the bank retaining the subsidiaries and pushing it into adopting the HoldCo model.
He said: “We got our universal banking license in 2001. But you will remember that when the financial crisis happened, universal banking license was cancelled and the CBN decided that you either stay as a bank, or you went into a holding company structure.
“At the time, because the competitive landscape was very different from what it is today, we decided that we were going to focus on our banking business, and it was the right decision for us then. Because we went from number seven in profit to number one, some years, we have been number two, but basically, we have been number one most of the years.”
The MD/CEO said while it was the right decision to take at that time, he added that the competitive landscape today has necessitated diversifying the banking earnings, hence, the decision to go the HoldCo way.
“When you look at what is happening to banking, or you look at what I’ve been describing to you, and the people who are basically looking to take banking income, it is time to diversify our earnings. The only way you can legally diversify your earnings in Nigeria today is going into a holding company structure, because as a pure bank, you cannot do more than banking,” he said.
According to Agbaje, the bank proposes to diversify into payment service banking (PSB), asset management business and pension fund administration (PFA). He explained that this diversification would not distract its core banking business.
It envisages to go greenfield with the PSB while seeking to acquire an asset management company and a PFA. Nevertheless, if acquiring these companies are expensive, the bank has the option of going Greenfield with them. And for now, is not looking the way of insurance business, even though it is not foreclosing the idea of operating the business in the future.
Agbaje stressed that poised to take advantage of opportunities inherent in the HoldCo arrangement, GTBank has therefore looked at some sectors that “create great synergies for it to create great opportunities.”
“We looked at some sectors, which we think today create great synergies for us and create great opportunities. The first one is payments. We love the payment landscape, you can see what is happening with FinTechs, we think we should compete with the FinTechs, we think we should grow the business, and that it is definitely a business for the future. And so it’s a place we would like to play to diversify the earnings base of the bank. We like asset management. The reason we like asset management is that it complements our business, we’ve grown a very good retail business today. Sometimes when people want a higher yield, then we lose that money to other institutions. But, we will create our own asset management company so that when the retail money looking for yield leaves us, it goes to someone that is in our ecosystem, and we consolidated profit and loss. A system where you can do payments, you can do asset management, once you come into your bank ecosystem is what we are beginning to build,” he said.
Talking on the PFA, Agbaje said the PFA business is continuing to grow. Hence the need to focus on it and benefit from it.
“And essentially what we are trying to do is do as much as we can for the customer base that we have. And we think that this is a good place to start and that this will diversify our earnings base and create value. The go to market plan for this is very simple. I have started to tell you about the first one, which is the diversifying to what we think of complementary businesses and services, payments, asset management, and PFA for today, there might be other businesses, the people like the one I always hear about is insurance. But I think that if we are going to be dominant in the businesses that we have picked, it is better we focus and we stop with those. And then maybe one day down the road if we’re very successful with everything else, we can look at insurance. We are also going to face our core banking business we are never going to let that drop because GTBank Nigeria continues to be the mother ship for us, and apart from our corporate business which is very strong, which will continue to hold, we will make sure that we continue to deepen our retail and SME business,” he said.
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GTCO Plc Releases 2026 Half Year Audited Results …….. Reports Profit Before Tax of ₦603.03billion,Pays Interim Dividend of ₦1
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2026, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group posted a profit before tax of ₦603.03 billion, driven by strong performance recorded on the interest and trading income lines, which grew y-o-y by 7.5% and 24.7%, respectively. The strong earningsrecorded was moderated by a ₦46.2 billion fair value loss recognized in H1–2026, limiting y-o-y growth in PBT to 0.4%.
The Group grew across its asset lines, reinforcing a balance sheet that is well structured, liquid and diversified. This growth was recorded in each jurisdiction where we operate a banking franchise, and across our Payments, Pension and Funds Management businesses.”
Group’s Total assets and shareholders’ funds closed at ₦18.6trillion and ₦3.3trillion, respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 34.9% (Bank 29.2%), and asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% and 4.6% % at both Bank and Group Level in H1-2026 (Bank -3.4%, Group 5.0% in FY-2025). Cost of Risk (COR) improved to 0.6% from 2.2% during the same period.
The Group’s Loan book (net) grew marginally by 0.5% from ₦3.13trillion as of December 2025 to ₦3.15trillion in June 2026, converse for improved performance on Deposit liabilities which grew by 10.3% from ₦12.87trillion to ₦14.19trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone. Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level. The priority now is to execute with discipline and grow responsibly. Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 35.9%, Pre-Tax Return on Assets (ROAA) of 6.6%, Capital Adequacy Ratio (CAR) of 34.9% (Bank: 29.2%) and Cost to Income ratio of 31.5%.
GTCO Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets
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ROAD TO THE CROWN: ZENITH BANK/NBBF WOMEN’S BASKETBALL LEAGUE FINAL 8 SET FOR LAGOS
The road to the 2026 Zenith Bank NBBF Women’s Basketball League title reaches its defining stage as the nation’s top eight teams converge on the Indoor Sports Hall of the National Stadium, Surulere, Lagos, from September 28 to October 3, 2026, for the highly anticipated national Finals.
Emerging from fiercely contested Atlantic and Savannah Conference campaigns, Nigeria Customs, AS Sky Queens, Titans, Air Warriors, MFM, First Bank, Victoria Queens,and Bayelsa Blue Whales have earned their place in the final battle for national honours.
And there is plenty to look forward to.
Last year’s champions, Dolphins Basketball Club, who lifted the trophy after defeating First Bank in the final, will not be in the mix this year after failing to make the top 4 of the Atlantic Conference, leaving the title firmly up for grabs and setting the stage for a new champion to emerge.
But the trophy will be contested by teams with plenty of championship pedigree.
First Bank, last year’s finalist and the most successful team in the history of the competition, arrives with a record nine league titles, while MFM will be looking to draw on its recent dominance after winning back-to-back championships in 2023 and 2024. With both sides among the Final 8, history, experience and ambition will collide as the battle for the crown unfolds.
It is a level of competition that reflects the growth of a league that has, for more than two decades, provided a platform for Nigeria’s best female basketball talents to emerge, compete and develop. At the heart of that journey has been Zenith Bank, the sole sponsor of the National Women’s Basketball League since 2005.
Through its partnership with the Nigeria Basketball Federation (NBBF), Zenith Bank has consistently supported the development of women’s basketball, helping to provide and sustain a competitive platform where talents can be discovered, nurtured and prepared for the highest levels of the sport.
The league has also served as an important pathway to theNational Women Basketball team, D’Tigress, with several players who have featured prominently for Nigeria emerging from the domestic competition. Beyond the national team, the league continues to contribute to youth development by giving young female athletes the opportunity to build confidence, skill, discipline, teamwork and professional sporting careers.
Now, the spotlight turns to Lagos. Which team will grab theopportunity to write a new chapter in the history of Nigerian women’s basketball?
Eight teams. One destination. One crown.
For Zenith Bank, the sponsorship of the Women’s Basketball League represents more than support for a sporting competition. It reflects the Bank’s broader commitment to creating platforms that provide opportunities, develop potential and make a meaningful difference in the lives of young Nigerians.
This commitment extends across several areas of community development, with notable initiatives including:
Through these initiatives and its longstanding support for women’s basketball, Zenith Bank continues to demonstrate that its commitment to society goes beyond banking, with a focus on creating opportunities and contributing to the development of communities and the next generation.
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Subscribe to Dangote Refinery Shares Seamlessly Through Zenith Bank
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Nigerians at home and in the diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.
Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion. Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment. It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.
Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.
Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.
Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.
For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.
Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.
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