Guaranty Trust Holding Company Plc (GTCO) reported a combined profit before tax of N15.94 billion from its three non-banking subsidiaries in the first half of 2026, compared with N8.62 billion in the corresponding period of 2025, an increase of about 85%. The figures cover HabariPay Limited, Guaranty Trust Fund Managers Limited (GT Fund Managers) and Guaranty Trust Pension Managers Limited (GT Pension Fund Administrator), as disclosed in notes to the Group's financial statements for the six months ended June 30, 2026.
HabariPay, the Group's fintech and payment services arm, delivered the strongest growth. Operating income climbed to N9.44 billion from N5.05 billion in H1 2025. After operating expenses of N1.63 billion, profit before tax rose to N7.81 billion from N4.02 billion a year earlier, a 94% year-on-year increase. The subsidiary recorded no tax expense for the period, leaving profit after tax at N7.81 billion.
GT Fund Managers nearly doubled earnings as operating income increased to N8.83 billion from N4.61 billion in H1 2025. Following operating expenses of N1.62 billion, profit before tax stood at N7.21 billion, up from N3.71 billion. A tax charge of N1.49 billion reduced profit after tax to N5.72 billion, compared with N3.60 billion in the prior-year period.
GT Pension Fund Administrator posted steadier growth. Operating income rose to N2.15 billion from N1.96 billion, while operating expenses of N1.22 billion left profit before tax at N927.84 million, marginally higher than N900.03 million in H1 2025. The pension subsidiary booked no tax charge, resulting in a profit after tax of N927.84 million.
Together, the three entities contributed N15.94 billion in pre-tax profit during the half year, with HabariPay and GT Fund Managers accounting for more than 94% of that combined figure. The contribution remains modest relative to GTCO's overall profit before tax of N603.03 billion, but it underlines the increasing role of non-banking operations in the Group's diversification strategy.
Balance sheet expansion was also evident across the subsidiaries. HabariPay's total assets grew to N23.18 billion as of June 30, 2026, from N18.31 billion at the end of December 2025. GT Fund Managers recorded the largest growth, with total assets rising to N1.42 trillion from N880.06 billion, reflecting higher assets under management and investor participation. GT Pension Fund Administrator's total assets increased to N16.33 billion from N15.73 billion.
