Guaranty Trust Holding Company (GTCO) has announced its financial results for the first quarter of 2025, showcasing a profitable start for the year as net interest income jumped to N318.4 billion.
Disclosed in the group’s financial statement for Q1 2025, net interest income grew by 40% year-on-year to N318.4 billion from N227.3 billion, boosted by increased loans to customers, which surged by 24% to N151.2 billion, while deposits from customers grew by 27%.
Also, the net fee and commission income surged by 36.5% year-on-year to N71.3 billion from N52.3 billion, influenced by the increase in account maintenance charges, credit-related fees, and commission.
However, profit before tax declined by 41% year-on-year to N300.4 billion, from N509.4 billion recorded in 2024. While after-tax profit also stood at N258 billion, a 43.5% decrease year-on-year.
Total revenue decreased by 23% year-on-year to N523.2 billion from N680.5 billion, while total expenses also stood at N136 billion, while total expenses climbed to N136 billion, from N113 billion.
Speaking on the performance, Segun Agbaje, the group chief executive of Guaranty Trust Holding Company Plc (GTCO), said:
“Our Q1 2025 performance reflects the strength of all our business verticals and our capacity to generate strong and sustainable earnings. While the fair value gains of N331.6 billion reported in Q1 2024 did not recur this quarter, the Group recorded solid growth across solid income lines, underpinned by a diversified revenue base and a healthy, well-structured balance sheet.”
GTCO is a leading financial service with operations across African countries and the United Kingdom, providing a range of banking and non-banking services, including payments and funds management.
