GTCO foreign interest income drops 11% as Nigeria ops lift H1 2026
GTCO’s African and UK subsidiaries earned N262.58 billion in interest income during the first half of 2026, making up about 30% of the Group’s total interest income and representing an 11.23% decline from N295.79 billion in the same period of 2025. Meanwhile, interest income from Nigerian operations rose to N610.81 billion, up from N516.57 billion a year earlier, pushing the Group’s total interest income to N873.39 billion compared to N812.36 billion in H1 2025.
Profit before tax increased slightly to N603.03 billion from N600.90 billion, but profit after tax fell to N414.19 billion from N449.01 billion due to a higher tax burden, with income tax expense rising to N188.85 billion. The balance sheet continued to expand, with total assets reaching N18.62 trillion and customer deposits climbing to N13.97 trillion as of June 30, 2026. GTCO’s Board proposed an interim dividend of N1.00 per ordinary share for the half‑year period.
The stronger domestic performance reduced the foreign subsidiaries’ share of total interest income from roughly 36% a year ago to about 30% in H1 2026, highlighting Nigerian operations as the main growth driver despite weaker results abroad.
If you hold GTCO shares, will you reinvest the interim dividend or allocate it elsewhere? For customers, does the bank’s robust local performance increase your confidence in using its services for savings or loans?