Guaranty Trust Holding Company Plc (GTCO) has announced a profit before tax of N300.4billion in the first quarter of 2025.
GTCO announced this via its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2025, forwarded to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) on Wednesday, April 30.
The Group reported profit before tax of ₦300.4billion on the back of strong performance posted on the core earnings lines of interest income which grew y-o-y by 41.1% and fee income up by 41.2%.
GTCO said the strong performance enabled the group to douse the impact of the N331.6billion fair value gains recognised in the first quarter of 2024 which did not recur in the first quarter of 2025.
The company stated that its loan book (net) increased by 15.6% from N2.79 trillion recorded as of December 2024 to N3.22 trillion in March 2025, while deposit liabilities grew by 7.7% from N10.40 trillion to N11.20 trillion during the same period.
GTCO disclosed that its total assets and shareholders’ funds closed at N15.9 trillion and N3.0trillion, respectively.
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It noted that the Full Impact Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 34.6%, adding that equally asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.3% at Bank Level and 4.5% % at Group inQ1-2025 (Bank -3.5% (Group- 5.2% in December 2024) and Cost of Risk (COR) closed at 0.4% from 4.9% in December 2024.
Commenting on the results, the Group Chief Executive Officer of GTCO, Segun Agbaje, 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 most income lines, underpinned by a diversified revenue base and a healthy, well-structured balance sheet.
“We remain optimistic about the year ahead. The fundamentals of our business are strong, our customer base continues to grow, and we are executing with discipline across our strategic priorities.
“Importantly, at this pace, the Group is well-positioned to deliver the full year PBT of 2024 at the very minimum by the end of the 2025 FYE.”
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