GTCO Interest and Fee Income Up 21.5% YOY as Q3 Profit Drops on Non-Recurring Exchange Gain

Guaranty Trust Holding Company (GTCO) showed core business strength as its combined net interest income and net fee and commission income rose 21.5% to N1.06 trillion in the 9-months period to September 2025.

Net interest Income after loan impairment charges for the third quarter (Q3) period rose 22.9% to N882.34 billion, while net fee and commission income rose by 15.5% to N183.22 billion, MoneyCentral’s analysis of the financials show.

The combined core net interest and fee income lines of N1.065 trillion was 21.5% higher than the N876.4 billion earned in the 9 months 2024 period.

However, GTCO booked a 35% slide in after-tax profit to N699.6 billion for the period, compared to N1.085 trillion in the corresponding period of 2024, largely due to high base effects from non-recurring exchange gain on financial assets recorded in 2024.

In 2024, under the other income line GTCO booked N577.39 billion in gains, made up largely of N523.2 billion in unrealised Fair value gain on financial instrument, resulting from exchange rate impact on Financial Instruments Position of GTBank Nigeria.

For the 9-months 2025, period GTCO booked a fair value loss of N49.16 billion on the position, likely as a result of appreciation of the Nigerian Naira.

Overall, GTCO’s other income fell by 85% to N85.84 billion in 2025, compared to N577 billion in 2024.

Investors could probably look past the slide in profit since the main culprit is an exceptional item (FX exchange gain) that is likely non-recurring.

On the standalone third quarter (Q3) numbers (for 3 months period ended September 2025), GTCO recorded profit growth of 39.6% to N250.6 billion, compared to N179.43 billion as at the July – September 2024 period.

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