GTCO Ghana posts ₦113B profit, leads offshore earnings as Nigeria slips
GTCO's Ghana subsidiary delivered ₦112.91 billion profit after tax for nine months ended September 2026, making it the group's largest offshore earnings contributor. The figure represents a 13.2% increase from ₦99.70 billion in the same period last year, with profit before tax of ₦173.71 billion and operating income of ₦226.42 billion.
Ghana's performance contrasts sharply with the Nigerian banking subsidiary, where profit after tax fell to ₦480.89 billion from ₦506.63 billion in 2025. Group consolidated profit after tax dropped 12.2% to ₦614.57 billion as interest expenses surged 27.7% to ₦356 billion. Ghana's growth partially offset this decline, but not enough to lift overall group earnings.
Other West African subsidiaries contributed: Côte d'Ivoire ₦24.07 billion, Gambia ₦19.13 billion, Sierra Leone ₦15.23 billion, and Liberia ₦9.15 billion. Ghana's earnings exceeded these four combined. East Africa showed mixed results—Kenya posted ₦7.63 billion profit while Tanzania recorded a ₦434.19 million loss. GTBank UK added ₦5.76 billion.
The unaudited results highlight a shifting earnings mix: international operations growing while domestic margins compress under higher funding costs. For investors tracking GTCO, the question becomes whether Ghana's trajectory can sustain group earnings if Nigeria's pressure persists, and how management plans to manage the interest expense climb.