Guaranty Trust Holding Company (GTCO) Plc has reported weaker profit for the third quarter as the lender earns less on its assets, raising concerns about the impact of a lower interest rate environment on future earnings.
For the first nine months through September 2026, GTCO’s profit after tax (PAT) reduced by 12.16 percent to N614.57 billion from N699.64 billion as at September 2025.
The reduction in profit was caused by slight drop in fees income, the fading away of foreign exchange gains, and deteriorating lending margins as the central bank embarks on interest rate cut in response to easing inflationary pressures.
Net interest income, which is the difference between the interest revenue a bank earns on its assets and the interest expense it pays on its liabilities, fell by 1.70 percent to N935.88 billion in September 2026 from N952.14 billion as at September 2025.
GTCO has not used its shareholders’ equity to make money as the return on average equity (ROAE) reduced to 23.80 percent in September 2026 from 30.70 percent as at September 2025.
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