Guaranty Trust Holding Company Plc reported a robust profit before tax of N300.4 billion for the first quarter ending March 31, 2025, reinforcing its dominance in Nigeria’s financial services industry.

The results, submitted to the Nigerian Exchange Group and the London Stock Exchange, highlight GTCO’s strong core earnings despite the absence of a one-time N331.6 billion fair value gain from Q1 2024.

GTCO’s financial performance was driven by a 41.1% year-on-year surge in interest income and a 41.2% increase in fee and commission income, which mitigated the impact of the non-recurring gain.

The Group’s loan book expanded by 15.6%, growing from N2.79 trillion in December 2024 to N3.22 trillion by March 2025. Customer deposits also rose by 7.7%, reaching N11.20 trillion from N10.40 trillion, while total assets stood at N15.9 trillion and shareholders’ funds closed at N3.0 trillion.

GTCO demonstrated strong financial resilience, with its Full Impact Capital Adequacy Ratio at 34.6%, well above the regulatory threshold.

Asset quality also improved significantly: IFRS 9 Stage 3 loans dropped to 4.5% at the Group level and 3.3% at the Bank level.

Notably, Cost of Risk fell dramatically to 0.4% from 4.9%, reflecting enhanced risk management and better loan performance.

Commenting on the results, GTCO’s Group Chief Executive Officer, Segun Agbaje, said the Q1 performance highlights the strength and resilience of the Group’s diversified earnings and the solid structure of its balance sheet.

“Our Q1 2025 performance reflects the strength of all our business verticals and our capacity to generate strong and sustainable earnings,” Agbaje stated. “While the fair value gains of N331.6bn 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 financial year,” he said.

GTCO’s financial performance stands out impressively within the Nigerian banking sector. A pre-tax return on average equity of 42.2% indicates exceptional profitability relative to shareholder capital