Guaranty Trust Holding Company Plc has reported a profit before tax of N1.23tn for the financial year ended December 31, 2025, driven by strong growth in its core earnings despite a decline in profit after tax.

The Group disclosed this in its audited consolidated and separate financial statements released to the Nigerian Exchange Group and the London Stock Exchange.

According to the results, interest income and fee income rose year-on-year by 23.2 per cent and 25.9 per cent, respectively, supporting the Group’s earnings performance. The outcome builds on the momentum recorded in 2024, when GTCO posted a record profit before tax of N1.27tn, boosted by N517.5bn in fair value gains that did not recur in 2025.

Profit after tax for the 2025 financial year stood at N865.75bn, compared to N1.02tn recorded in 2024. The decline was attributed to recent fiscal policy changes affecting the taxation of investment securities, particularly the introduction of withholding tax on short-term instruments.

Despite this, the Group noted that its underlying earnings remained strong, supported by sustained growth in core operating income. GTCO also reported a robust balance sheet position, with total assets rising to N17.8tn and shareholders’ funds closing at N3.4tn at the end of the period.

Key prudential ratios showed improvement, with the Capital Adequacy Ratio remaining strong at 43.8 per cent. Asset quality also improved, as IFRS 9 Stage 3 loans declined to 3.4 per cent at the bank level and 5.0 per cent at the Group level, compared to 3.5 per cent and 5.2 per cent, respectively, in December 2024.

The Group’s cost of risk improved significantly to 2.2 per cent from 4.9 per cent in the previous year, reflecting better risk management and loan performance.

Loan growth remained steady, with the Group’s net loan book increasing by 12.4 per cent from N2.79tn in December 2024 to N3.13tn in December 2025. Deposit liabilities also grew by 23.8 per cent, rising from N10.40tn to N12.87tn within the same period.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said the performance highlighted the resilience of the Group’s earnings base.

“Our 2025 result underscores the resilience and depth of our earnings capacity. Following a record 2024, which included significant fair value gains, our focus has been on strengthening the sustainability of our earnings by driving growth across our core banking and ecosystem businesses,” he said.

Agbaje noted that the strength of the Group’s underlying earnings, despite a stronger naira and tighter regulatory conditions, reflected the quality of its franchise and disciplined execution of its strategy.

“The strength of our underlying earnings, despite a stronger naira and tighter regulatory parameters, reflects the quality of our franchise and the discipline with which we execute our strategy. Importantly, this strong core earnings performance underpins our capacity to sustain and grow shareholder returns,” he added.

He also highlighted the Group’s dividend payout, describing it as a reflection of both current profitability and confidence in long-term earnings prospects. “Our record dividend payout this year is not only a reflection of our current profitability but also of our confidence in the Group’s long-term earnings potential,” Agbaje said.

Looking ahead, he stated that the Group would continue to focus on expanding its ecosystem, driving innovation, and delivering consistent returns. “Looking ahead, we remain focused on scaling our ecosystem, driving innovation across our financial services platform, and delivering consistent, high-quality earnings that support superior value creation for our shareholders,” he said.

GTCO maintained strong performance across key financial metrics, recording a post-tax return on equity of 28.3 per cent and a post-tax return on assets of 5.3 per cent. Its cost-to-income ratio stood at 27.9 per cent, reflecting operational efficiency.

The Group, which operates across Africa and the United Kingdom, provides a range of banking and non-banking services, including payments, funds management, and pension administration, and continues to position itself for long-term growth across its markets.

The Nigerian National Petroleum Company Limited has increased crude oil supply to the Dangote Petroleum Refinery and Petrochemicals, allocating seven cargoes for May loading in a move aimed at boosting domestic fuel production.

Two trader sources told Reuters on Tuesday that the latest allocation marks an increase from the five cargoes the refinery had been receiving in previous months. However, this means the refinery will continue to receive five cargoes in April.

The development comes amid mounting pressure on fuel supply and rising petrol prices across Nigeria, as the refinery struggles to secure sufficient crude locally.

The report read, “The Nigerian National Petroleum Company is allocating seven crude cargoes for May loading to Nigeria’s Dangote refinery, up from the five it received in previous months, two trade sources told Reuters.

“Fuel prices in Nigeria have reached record highs, and Dangote has previously said the company could source only about five crude cargoes a month locally, far short of the 13–15 it requires, forcing it to import the rest at prices dictated by the impact of war in the Middle East.”

Officials of the national oil company and the refinery did not respond to requests for comments as of the time of filing this report.

The development aligns with earlier reports by The PUNCH that the Federal Government, through the NNPC, was working to increase crude supply to the Dangote refinery under ongoing arrangements aimed at strengthening local refining capacity.

Multiple industry sources and officials from both NNPC and the Dangote refinery told our correspondent exclusively in early March that the national oil company is leveraging its global crude trading network to source third-party supply for the Dangote refinery at competitive international market rates.

“Leveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates,” a senior official at NNPC, who spoke in confidence due to a lack of authorisation to speak on the matter, said.

The official further explained, “As the national oil company entrusted with safeguarding Nigeria’s energy security, NNPC Limited remains fully committed to supporting domestic refining, including the Dangote Petroleum Refinery. Within the framework of our existing agreements, we continue to facilitate crude supply to DRP in the face of temporary availability constraints.”

Despite the increase, the 650,000-barrels-per-day refinery still faces a significant shortfall in crude supply. The facility requires between 13 and 15 cargoes monthly to operate at optimal capacity, but has continued to receive far less from domestic sources.

This has forced the refinery to rely on imported crude, exposing it to volatile global prices driven by geopolitical tensions, particularly conflicts in the Middle East. The refinery had earlier warned that limited domestic supply was constraining its operations and increasing costs.

Nigeria’s fuel prices have climbed to record levels in recent months, driven by supply constraints and high import costs. Although the Dangote refinery has ramped up petrol supply to the domestic market, it is currently meeting just over two-thirds of the country’s estimated daily demand of 60 million litres.

In response to rising costs, the refinery recently increased petrol depot prices by about 13 per cent, further adding to price pressures in the downstream sector.

FCMB Capital Markets Limited, the investment banking division of FCMB Group Plc, has officially been crowned the leader of the FMDQ Securities Exchange Limited’s Fixed Income Primary Markets Sponsors’ League Table for the full year 2025.

The firm cemented its dominance by raising a staggering N1.53tn in corporate debt capital, outperforming 47 other active institutions throughout the fiscal year ending 31 December 2025.

According to the official FMDQ report, the firm’s performance was driven by a strong showing in both the bond and commercial paper markets. FCMB Capital Markets secured the top spot in bond listings, accounting for 11.66 per cent of the total market volume. It also commanded the highest share of commercial paper quotations, capturing 7.68 per cent of the segment.

Reflecting on this market-leading position, the Executive Director, Coverage and Investment Banking at FCMB Group Plc, Femi Badeji, stated, “Our ranking reflects the confidence issuers place in our ability to structure and execute capital market transactions. Mobilising more than N1tn in a single year demonstrates the depth of demand for capital market funding and the role we play in connecting issuers with long-term investors.”

The achievement highlights the firm’s pivotal role in Nigeria’s financial ecosystem, particularly in supporting sectors ranging from oil and gas and telecommunications to power and infrastructure. This recent success follows the firm’s recognition as “Corporate Bond House of the Year” by the Association of Issuing Houses of Nigeria earlier in 2025.

The Chief Executive Officer of FCMB Capital Markets Limited, Ikechukwu Omeruah, emphasised the firm’s ongoing dedication to its clientele, saying, “Achieving this position reflects the work of our team and the trust of our clients. We remain committed to structuring financing solutions that enable businesses to raise capital efficiently while contributing to the continued development of Nigeria’s fixed-income market.”

As the firm continues to provide expert advisory on debt, equity, and mergers and acquisitions, its 2025 performance stands as a benchmark for investment banking excellence within the Nigerian capital market.