GTCO's non-bank units post 70% profit jump to N23.88bn as payments, fund management surge
GTCO's three non-banking subsidiaries—HabariPay, GT Fund Managers, and GT Pension—delivered a combined profit before tax of N23.88 billion in the nine months ended September 2026, up 70% from N14.08 billion a year earlier. The surge was driven by HabariPay and GT Fund Managers, while GT Pension grew modestly.
HabariPay, the payments arm, saw profit before tax jump 72% to N11.23 billion, fueled by a 47% rise in operating income to N13.88 billion and a 9% drop in expenses. GT Fund Managers posted the strongest growth, with PBT soaring 82% to N11.24 billion as operating income climbed 77% to N14.09 billion. Its assets under management more than doubled to N901.3 billion, led by the Money Market Fund (N678.65 billion) and Dollar Fund (N164.79 billion). However, a sharp tax increase to N1.5 billion cut into after-tax gains.
GT Pension recorded just 3% PBT growth to N1.41 billion as expenses outpaced income growth, though funds under management expanded 32% to N198.97 billion.
Together, the three units now contribute 2.7% of GTCO's consolidated N879.9 billion pre-tax profit, up from 1.6% last year—even as the group's overall profit dipped 2.3% on higher funding costs.
For investors, the story is clear: GTCO's diversification into payments and fund management is paying off, with HabariPay and GT Fund Managers becoming meaningful profit engines. The pension business remains a steady but slow grower. The question is whether the fund management AUM surge can sustain its pace as yields normalize, and if HabariPay can maintain expense discipline while scaling.
Will GTCO's non-bank bets eventually rival the bank's core earnings, or will they remain a small but growing slice of the pie?