The earnings decline came despite a reduction in loan impairment charges to N29.02 billion from N69.79 billion a year earlier, reflecting lower provisions against potential loan losses during the reporting period.
GTCO’s interest expenses, however, increased by 27.7 percent to N356 billion from N278.73 billion, putting pressure on net interest income, which fell to N935.88 billion from N952.14 billion.
The group’s profit before tax also declined by 2.3 percent to N879.90 billion from N900.80 billion in the same period of 2025.
A key pressure point was the increase in income tax expense, which rose by 31.9 percent to N265.32 billion from N201.16 billion. This further reduced the amount of earnings retained after tax.
The earnings decline came despite a reduction in loan impairment charges to N29.02 billion from N69.79 billion a year earlier, reflecting lower provisions against potential loan losses during the reporting period.
GTCO’s interest expenses, however, increased by 27.7 percent to N356 billion from N278.73 billion, putting pressure on net interest income, which fell to N935.88 billion from N952.14 billion.
The group’s profit before tax also declined by 2.3 percent to N879.90 billion from N900.80 billion in the same period of 2025.
A key pressure point was the increase in income tax expense, which rose by 31.9 percent to N265.32 billion from N201.16 billion. This further reduced the amount of earnings retained after tax.
Ghana’s profit after tax increased from N99.70 billion in the corresponding period of 2025, while Nigeria’s declined from N506.63 billion, according to the group’s unaudited financial statements.
Other West African subsidiaries also contributed to earnings. GTBank Côte d’Ivoire recorded a profit after tax of N24.07 billion, followed by The Gambia with N19.13 billion, Sierra Leone with N15.23 billion and Liberia with N9.15 billion.
In East Africa, GTBank Kenya generated N7.63 billion in profit after tax, while its Tanzania operation recorded a loss of N434.19 million. GTBank UK contributed N5.76 billion.
The third-quarter results showed a steeper decline in profitability. GTCO’s profit after tax fell by 20 percent to N200.39 billion in the three months ended September 2026, compared with N250.63 billion in the corresponding quarter of 2025.