GTCO shares fall 6.5% after nine-month profit drops by 12.2%

Guaranty Trust Holding Company (GTCO) experienced a notable drop in its share value, losing 6.5% in just a week. This downturn followed the release of its financial results for the nine months ending in September 2026, which revealed a decrease in both profit after tax and earnings per share.

As of November 2, GTCO’s share price had decreased from ₦125.10 on October 26 to ₦117, translating to a loss of ₦8.10 per share. The financial report, released on October 27, highlighted a significant 12.2% decline in profit after tax, falling from ₦699.6 billion in the same period last year to ₦614.6 billion this year. Additionally, profit before tax dropped by 2.3% to ₦879.9 billion from ₦900.8 billion, despite a rise in interest income.

CEO of GTCO, Segun Agbaje

Interest income did see an uptick of 5%, reaching ₦1.29 trillion, indicating that the company earned more from loans and interest-generating assets. However, the increase in operating expenses outpaced this growth, surging by 9.5% to ₦399.8 billion from ₦365 billion. This rise in expenses created further challenges for the company’s profit margins. Non-interest income also took a slight hit, declining 1.5% to ₦368 billion.

The shrinking earnings were evident in the earnings per share (EPS), which fell from ₦20.71 to ₦16.58. EPS measures how much of a company’s profit is attributable to each ordinary share, and a lower EPS can make the stock less appealing to investors, although changes in the number of shares can also influence this figure.

Also read: GTCO posts H1 2026 results as HabariPay’s profit jumps 94% to ₦7.8bn

GTCO’s results were further impacted by fair-value losses amounting to ₦87.9 billion, stemming from declines in the market value of certain financial assets. This added to the overall pressure on the company’s earnings.

What GTCO’s figures mean for investors

GTCO’s share price has taken a hit as investors grapple with weaker profits and higher operating costs. However, it’s important to note that this drop doesn’t necessarily mean the company’s results were solely responsible or that they missed what the market expected.

As one of Nigeria’s leading financial services groups, GTCO operates in various sectors, including banking, payments, asset management, and pension administration. The recent performance raises important questions about the company’s ability to boost income while managing expenses effectively.

Moving forward, investors will be keen to see if GTCO can enhance its profitability in the final quarter and maintain growth in earnings.

Read as well: GTCO paid shareholders a record dividend of ₦12.76 despite earning less in 2025