GTCO Interest Income Soars 506% Post-Pandemic; GTBank Doubles International Card Limit

Guaranty Trust Holding Company Plc (GTCO) has recorded a significant 506% surge in interest income since the COVID-19 pandemic, driven by elevated interest rates, an expanded earning asset base, and improved yields.

Financial reports for the first quarter of 2026 show that the financial group’s interest income reached N467bn, up from N77.04bn recorded in Q1 2020. The performance also reflects a 17.5% year-on-year increase compared to the N397.4bn generated in the same period in 2025. Similarly, net interest income rose significantly to N356.29bn from N64.28bn in Q1 2020.

The substantial income growth underscores the post-pandemic yield environment in Nigeria’s banking sector. Central bank policies shifting from a Monetary Policy Rate (MPR) of 13.5% in early 2020 to elevated benchmark rates in 2026 have allowed commercial lenders to secure stronger returns on loans, placements, and fixed-income assets.

Breakdowns from the earnings period highlight key drivers of the growth:

Loan Interest Income: Rose by 24.8%, supported by an expanded net loan book reaching N3.17tn.

Placements & Cash Equivalents: Yields from placements and cash assets expanded by 30.5%.

Gross Earnings: Group gross earnings reached N571.42bn for the quarter.

Profitability: Profit before tax stood at N302.89bn, while profit after tax declined 15.42% to N218.13bn, primarily impacted by higher tax obligations.

Alongside its financial results, GTCO’s commercial banking arm, Guaranty Trust Bank, has raised the quarterly international spending limit on naira cards from $20,000 to $40,000.

The revised limit enables customers to undertake larger foreign transactions, including global travel expenses, tuition, medical bills, and online shopping. The adjustment follows earlier upward revisions from a $6,000 threshold as liquidity conditions improved within the foreign exchange market.