Guaranty Trust Holding Company Plc (GTCO) recorded a profit after tax of N865.75 billion for the 2025 financial year, down from N1.02 trillion in 2024. The decline followed the absence of non-recurring fair value gains of N517.5 billion that boosted the previous year's results, as well as changes in fiscal policy, including withholding tax on short-term investment securities. Despite the drop, profit before tax reached N1.23 trillion, driven by a 23.2 per cent increase in interest income and a 25.9 per cent rise in fee income year-on-year.
The company declared a dividend of N12.76 per share. Total assets grew to N17.8 trillion, with shareholders' funds at N3.4 trillion. The capital adequacy ratio held steady at 43.8 per cent. At the bank level, IFRS 9 Stage 3 loans fell to 3.4 per cent from 3.5 per cent, while the group's figure dropped to 5 per cent from 5.2 per cent. Cost of risk improved to 2.2 per cent from 4.9 per cent. Net loans rose 12.4 per cent to N3.13 trillion, and customer deposits increased 23.8 per cent to N12.87 trillion.
GTCO's dividend of N12.76 per share comes despite a 15 per cent drop in profit after tax, a reflection of management's commitment to shareholder returns even in a tougher fiscal climate. The real story lies in the N517.5 billion fair value gain that inflated 2024's numbers and won't repeat, making the 2025 results a truer picture of operational performance. For Nigerian investors, this means future payouts may depend less on market windfalls and more on sustained core income growth. That GTCO maintained strong capital and improved asset quality suggests the foundation remains intact.
