April 20, (THEWILL) — GTCO Holdings Plc recorded a robust revenue performance in 2025, clearly indicating its strength during a year characterised by stricter regulatory reforms and competitive recapitalisation efforts, as the Group prepares for the next stage of growth in the financial services sector.
The Group’s revenue growth from high interest and fee income highlights robust core banking operations and strong digital adoption, amid rising operational costs and fiscal pressures resulting in a 15 percent decline in profit after tax to N865.75 billion.
The 19.1 percent increase in net interest income to N1.3 trillion signals, alongside higher fee incomes, a reliance on high-rate treasury instruments and a solidifying ‘higher-for-longer’ interest rate environment, which drove core earnings despite a non-recurrence of 2024’s high foreign exchange gains.
The 2025 Financial Statements disclosed that fee and commission income, by the banking subsidiary, rose by 26 percent to N278.5 billion, indicating success in non-interest revenue initiatives, with e-business income growing 14.4 percent to N64.7 billion. The rise in interest income is driven largely by massive investment in Treasury Bills, with key Nigerian banks (including Zenith and GTCO) earning N2.85 trillion from these instruments in 2025, a 43.03 percent YoY increase.
The substantial rise in fee income—specifically within digital channels—highlights the growing importance of the HabariPay subsidiary and the group’s digital ecosystem over physical branch transactions, underscoring a strategic shift to digital banking ahead of the post-recapitalisation era. The bank also showed resilience by shifting focus from one-off gains (like the huge 2024 fair value gains) to sustainable, core banking income.
The Group’s revenue surge, supported by robust interest income, trading activities, and its expanding digital banking, underscores consistent revenue quality and operational efficiency. At the same time, the cost-to-income ratio stayed below 50 percent, signaling strong cost management and balance sheet discipline.
These are metrics that continue to separate the bank from many competitors still grappling with inflationary pressure and higher funding costs amid the recapitalisation demands. Industry analysts emphasise that the dividend reflects GTCO’s ability to sustain shareholder returns while keeping enough headroom to meet the Central Bank of Nigeria’s new capital requirements.
Despite the recapitalization mandate, the bank’s liquidity and capital adequacy ratios continued to exceed regulatory limits, thereby strengthening investor confidence. With a solid deposit base and growing non-interest income streams, the Group has demonstrated that the sustainability of dividends can align with prudent growth.
Notwithstanding the lower overall profit due to missing FX gains seen in 2024, the results signify enhanced earnings quality, reduced risk, and strong shareholder dividends, the strong core income allowed for a 59 percent increase in final dividend payout to N12.76 per share, consisting of final dividend: N11.76 per share (announced March 31, 2026) and interim dividend: N1.00 per share (paid earlier in the year).
A closer look at the 2025 Financial Statements showed that the rise in interest/fee income was essential, as it helped mitigate the 72 percent slump in “other income” caused by the lack of the massive revaluation gains that boosted 2024 performance. The diversification into non-banking subsidiaries (Fintech, Asset Management, Pension) is providing robust alternative income streams, making the group more resilient.
“The 2025 results suggest a healthier, more sustainable income model focused on transaction-driven digital banking and high-yield interest instruments, even though total net profit declined by 15 percent due to the non-recurrence of huge 2024 FX gains,” said Dr Ben Akazie, an investment analyst.
In unveiling the 2025 performance, the Group noted that “The 2025 financial year was a landmark period for GTCO, highlighted by its successful dual listing on the London Stock Exchange (LSE) on 9 July 2025. This strategic move makes GTCO the first financial institution in West Africa to achieve this, enhancing its global visibility and access to international capital markets.
“Operationally, the company expanded its digital footprint by enhancing its suite of digital banking solutions, including GTWorld, USSD, and Internet Banking. A significant step to support businesses was the launch of a Naira Card for global transactions and the implementation of zero processing fees on all its Point of Sale (POS) terminals. In line with its commitment to sustainability, GTCO advanced its transition to solar energy across its branch network and launched the innovative “Waste-for-Gas Initiative” to promote clean energy and waste management.”
An analysis of the Financial Statements revealed that the performance of the Group’s foreign subsidiaries also followed the same growth trajectory, with their aggregate post-tax profits rising by 35.5 percent to N246.93 billion in 2025, up from N195.49 billion in the previous year.
Their total deposits increased to N4.66 trillion in 2025, compared to N3.32 trillion in the prior year. This represents a growth of 40.5 percent, highlighting the effectiveness of the company’s strategic positioning during the post-recapitalisation phase, characterized by a strong revenue generation and innovative use of its e-banking services.
Data by the Nigerian Exchange (NGX) showed that GTCO closed its last trading day (Friday, April 17, 2026) at N128.50 per share on the NGX, recording a 0.4 percent gain over its previous closing price of N128.00.
The stock began the year with a share price of N90.70 and has since gained 41.7 percent on that price valuation, ranking it 51st on the NGX in terms of year-to-date performance.
“Shareholders can be optimistic about GTCO knowing the stock has accrued 9% over the past four-week period—24th best on NGX,” the NGX said.
According to the NGX, Guaranty Trust Holding is the sixth most traded stock on the Nigerian Exchange over the past three months (Jan 15 – Apr 17, 2026). GTCO has traded a total volume of 1.96 billion shares—in 156,771 deals—valued at N224 billion over the period, averaging a volume of 31.1 million shares (valued at N3.56 billion) per session. A volume high of 184 million was achieved on March 24th, and a low of 6.36 million on January 30th, for the same period.
The company has emphasised that its strategy is firmly focused on becoming a dominant ecosystem of financial services across Africa, leveraging technology and maintaining a moderate risk appetite to ensure sustainable growth and stability.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
