Guaranty Trust Holding Co.’s (GTCO) international operations contributed less profit in the first half (H1) even as its Nigerian franchise expanded, highlighting the challenge of turning a multi-country banking footprint into a reliable growth engine.
Based off data on geographic segments from H1 financials, GTCO’s profit before tax in Nigeria rose to ₦423.3 billion in the six months through June, from about ₦411.8 billion in the comparable period.
The rest of West Africa, East Africa and Europe each saw lower profit before tax year on year, based on the company’s geographic disclosures.
Profit before tax (PBT) for Rest of West Africa (comprising Ghana, Gambia, Sierra Leone, Liberia, Cote D’Ivoire), fell by 2.2% to ₦165.62 billion, from ₦169.35 billion, PBT for East Africa (comprising Kenya, Uganda, Rwanda and Tanzania), fell by 26% to ₦7.01 billion, from ₦9.5 billion, while PBT for Europe (United Kingdom ) fell to ₦7.1 billion, down 30.4% from ₦10.2 billion in June 2025.
GTCO’s June 2026 geographical segment disclosure shows that Nigeria generated about 70.2% of the group total profit before tax of ₦603.0 billion.
Rest of West Africa accounted for 27.5%, while East Africa and Europe each produced just over 1% each.
The group’s aggregate profit before tax increased only marginally to ₦603.0 billion from ₦600.9 billion, as the domestic business offset softness across the offshore units.
Nigeria Is Still the Growth Engine
Nigeria generated about ₦770.6 billion of the group’s ₦1.11 trillion external revenue in H1 2026, or roughly 69.58%. Rest of West Africa produced ₦279.6 billion, East Africa ₦30.0 billion and the UK operation ₦27.2 billion.
Nigeria accounted for ₦11.97 trillion of group assets, versus ₦5.03 trillion in the rest of West Africa, ₦649 billion in East Africa and ₦961 billion in Europe.
Rest of West Africa remains GTCO’s only overseas region with material scale. It generated 25.2% of revenue and 27.5% of PBT, giving it a slightly higher profit contribution than its revenue share.
That reflects the group’s established footprint in Ghana, Gambia, Sierra Leone, Liberia and Côte d’Ivoire.
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