Banking group Guaranty Trust Holding Company’s (GTCO) interest income rose to N458.5 billion from N386 billion, deriving strength from interest earned from loans and advances to customers, which was up by roughly a quarter.
The group posted a 15.4 per cent dip in net profit for the first three months of the year, compared to the same period of 2025, its newly issued financial report showed, reflecting the impact of mounting costs on earnings.
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The financial services group recorded improvement across key income streams during the period, even though much of that was eroded by a twofold leap in income tax spending to N84.8 billion.
Net interest income, a key metric that measures the difference between revenues generated by a financial institution from interest-bearing assets and what it pays to depositors or creditors, climbed 12 per cent to N356.3 billion.
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GTCO put aside N7.9 billion as provision to cover impaired loans, 41 per cent lower than the sum it allocated for the same purpose a year ago.
Net fee and commission rose 4 per cent to N69.8 billion, boosted by e-business income, credit-related fee and commission, as well as account maintenance fees.
HabariPay, the group’s fintech arm, delivered N3.7 billion in net profit in the period under review, while the asset management business and the pension fund divisions reported N3.4 billion and N480.7 million in earnings respectively.
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However, GT Bank Tanzania remained the the only subsidiary that posted a net loss, estimated at N5 million.
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Hurting profit, the group incurred N1.6 billion in other losses, taking a hit from an unrealised fair value loss on financial instruments of N40.4 billion. That contrasts with the N30.7 billion reported as other income a year ago.
Profit before income tax inched up to N302.9 billion from N300.3 billion, while after-tax profit slid to N218.1 billion from N257.9 billion.
Foreign currency translation differences for foreign operations stood at –N42.6 billion, compared to N28.5 billion a year ago. That caused other comprehensive income to drop by 32.5 per cent to N180.6 billion.
Last July, GTCO completed a cross-border listing, clearing the path for its shares to be quoted on the London Stock Exchange.
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