GTCO, led by Segun Agbaje, posts $301 million H1 profit, down from $608 million

Lagos-based Guaranty Trust Holding Company Plc (GTCO), led by Nigerian banker Segun Agbaje, reported a more than 50 percent drop in profit for the first half of 2025 due to a sharp decline in dividend income from its flagship banking unit, Guaranty Trust Bank Limited.

GTCO H1 profit slumps sharply

According to the group’s audited financial statements for the six months ending June 30, 2025, GTCO’s profit fell to N449 billion ($301.4 million) from N905.7 billion ($608 million) in the same period last year. Dividend income from GTBank plunged from N630.2 billion ($422.9 million) to N70.9 billion ($47.6 million), representing the bulk of the decline.

The drop in dividends offset gains from the group’s core operations. Net interest income rose to N632.2 billion ($424.3 million) from N491.5 billion ($329.7 million), while fee and commission income increased to N151.46 billion ($101.4 million) from N113.9 billion ($76.5 million). The company also reported a net impairment reversal of N38.1 billion ($25.5 million), compared with a net impairment charge of N357.5 million ($0.24 million) a year earlier.

Paid-up capital hits $328.5 million

GTCO offers a broad range of services including retail and investment banking, pension and asset management, and payment solutions. Under Segun Agbaje it has expanded operations in both traditional banking and its growing non-banking financial services sector.

Guaranty Trust Bank strengthened its capital base with a $238.5 million injection raising its paid-up capital to $328.5 million. The move ensured the bank met regulatory requirements for commercial banks with international authorization.

Paid-up capital increased from N138.19 billion ($90.05 million) to N504.04 billion ($328.5 million), keeping GTBank fully compliant with the Central Bank of Nigeria’s new minimum capital rules. The bank remains wholly owned by GTCO, and no director holds a personal stake.

GTCO assets rise to $11.2 billion

Despite the drop in profit, GTCO’s total assets rose from N14.8 trillion ($9.94 billion) to N16.7 trillion ($11.2 billion). Shareholders’ equity grew from N2.71 trillion ($1.82 billion) to N2.99 trillion ($2 billion), while retained earnings increased from N1.32 trillion ($886.3 million) to N1.44 trillion ($967 million). The board of directors declared an interim dividend of N1 ($0.00067) per share, unchanged from the first half of 2024.