Guaranty Trust Holding Company Plc (GTCO) saw customer deposits rise by 10.3 per cent in the first half of 2026, while its net loan book grew by only 0.5 per cent, highlighting a widening gap between funds mobilised by the financial group and credit extended during the period.

The development came as GTCO reported ₦603.03 billion in profit before tax (PBT) for the six months ended June 30, 2026, representing a marginal 0.4 per cent increase from the corresponding period of 2025.

The group also announced an interim dividend of ₦1 per share.

GTCO released its audited consolidated and separate financial statements to the Nigerian Exchange Group (NGX) and London Stock Exchange on Monday, September 28.

Deposits grow faster than lending

GTCO’s deposit liabilities increased from ₦12.87 trillion at the end of December 2025 to ₦14.19 trillion in June 2026.

By comparison, the group’s net loan book moved from ₦3.13 trillion to ₦3.15 trillion over the same period.

That represents a 10.3 per cent increase in deposits against a 0.5 per cent rise in net loans.

The figures point to stronger deposit mobilisation during the period, while credit growth remained comparatively subdued.

GTCO’s total assets stood at ₦18.6 trillion, while shareholders’ funds closed at ₦3.3 trillion.

Profit rises despite fair value loss

The holding company’s PBT increased only marginally despite growth in some of its core income lines.

Interest income increased by 7.5 per cent year-on-year, while trading income rose by 24.7 per cent.

However, a ₦46.2 billion fair value loss recognised during the first half of 2026 moderated the overall earnings performance.

GTCO said the fair value movement limited year-on-year PBT growth to 0.4 per cent.

The group reported a pre-tax return on equity of 35.9 per cent and pre-tax return on assets of 6.6 per cent.

Its cost-to-income ratio stood at 31.5 per cent.

“Fair value movements weighed on reported earnings, but the core business held firm.”

Asset quality improves

GTCO also reported an improvement in asset quality during the six-month period.

IFRS 9 Stage 3 loans, which broadly relate to credit exposures with significant signs of impairment, stood at 3.5 per cent at the bank level and 4.6 per cent at group level in June 2026.

The group said the figures compared with 3.4 per cent for the bank and 5.0 per cent for the group at the end of 2025.

Its cost of risk also fell to 0.6 per cent, from 2.2 per cent during the comparable period.

GTCO’s capital adequacy ratio remained at 34.9 per cent at group level and 29.2 per cent for the bank.

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GTCO pushes beyond traditional banking

The latest results also highlight GTCO’s strategy of building businesses outside conventional banking.

The group operates across banking, payments, pension and funds management, with operations in Africa and the United Kingdom.

Its Group Chief Executive Officer, Segun Agbaje, said the company’s performance reflected a business that was increasingly diversified beyond banking.

“Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone,” Agbaje said.

He said the company would focus on disciplined execution and responsible growth, with digital services expected to support expansion across its banking, payments, pension and funds management businesses.

“Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group,” he said.

What the figures mean

The first-half numbers present two contrasting movements in GTCO’s balance sheet.

On one hand, deposits expanded by more than ₦1.3 trillion within six months, strengthening the group’s funding base.

On the other, net lending increased by only about ₦20 billion, indicating that the growth in deposits did not translate into a comparable increase in the net loan book during the period.

The results therefore place greater attention on how GTCO deploys its growing deposit base while maintaining asset quality and capital strength.

The company said growth was recorded across its banking jurisdictions as well as its payments, pension and funds management businesses.

Interim dividend announced

GTCO is also set to return part of the earnings to shareholders through an interim dividend of ₦1 per share.

The dividend forms part of the group’s shareholder-return strategy as it continues to expand its financial-services businesses.

The company said it remains focused on delivering long-term value while expanding its operations across the markets where it operates.

Access has been identified as Nigeria’s largest employer of Chartered Financial Analyst (CFA) candidates, with 82 employees pursuing the qualification, according to data published by CFA Society Nigeria.

The figure puts the financial services group ahead of the next-ranked employer by more than twofold, according to the society’s Where Nigeria’s Finance Professionals Work ranking, based on membership data recorded in June 2026.

Access also ranked second among Nigerian employers of CFA charterholders, the company said.

The ranking matters because the CFA qualification focuses on areas such as investment analysis, portfolio management, ethics and professional standards.

Those skills are relevant to a financial sector facing tighter regulation, more complex investment products and growing demands for stronger risk management.

What does the ranking show?

CFA Society Nigeria compiled the figures from its Salesforce Membership Database as of June 2026.

The society’s data places Access at the top of the list for CFA candidates employed by Nigerian organisations. Access says it also has the second-highest number of charterholders among employers covered by the ranking.

The CFA Institute describes the qualification as a professional programme for investment professionals, while CFA Society Nigeria provides candidates with activities including examination bootcamps and learning programmes.

The CFA programme places particular emphasis on professional ethics and standards. Its suitability standard, for example, requires investment professionals to consider a client’s objectives, risk tolerance and financial circumstances before making recommendations.

That is important in a market where investment decisions can directly affect the savings and retirement plans of individuals and institutions.

Why is this significant now?

Nigeria’s financial sector is undergoing regulatory and structural changes that are increasing pressure on financial institutions to strengthen their balance sheets, risk controls and professional capacity.

In January, the Securities and Exchange Commission announced substantially higher minimum capital requirements for regulated capital-market operators. The regulator said the changes were intended to improve financial resilience, protect investors and reduce systemic risks.

The reforms affect brokers, fund managers, underwriters and other market operators. Firms have until 30 June 2027 to meet the new requirements, according to the SEC framework.

The regulatory changes make professional competence more relevant, but qualifications alone cannot guarantee better market outcomes.

The SEC’s regulatory framework also stresses transparency, fairness and investor protection as part of its mandate to develop Nigeria’s capital market.

What does Access say?

Access Holdings says the ranking reflects its investment in professional development across its businesses.

The group operates banking, pensions, payments, insurance brokerage and consumer lending businesses across Africa, Europe and Asia. It says it has continued to support professional certification and structured learning as part of its wider workforce strategy.

Group Chief Executive Officer of Access Holdings, Innocent C. Ike, said the number of employees pursuing the qualification reflected the company’s approach to professional development.

“We are proud that so many of our people are pursuing one of the most demanding professional qualifications in global finance, and that they are choosing to do it here, at Access. These rankings reflect a deliberate culture of excellence, one where rigour, integrity and continuous learning are not slogans but the way we work every day. Every candidate on that list represents our commitment to building institutions and professionals that endure.”

Access says the development supports its ambition to become what it describes as the world’s most respected African financial services group.

What does it mean for workers and customers?

For employees, the ranking suggests that Access has a relatively large pool of staff pursuing an internationally recognised finance qualification.

The opportunity could also help the organisation develop specialists in investment analysis, portfolio management, risk and related areas.

For customers and investors, however, the more important question is whether greater professional capacity translates into better decisions, stronger risk management and improved protection of their money.

There is also a cost to pursuing a professional qualification. The CFA Institute’s Access Scholarship, for example, reduces the registration fee to $400 for scholarships awarded from March 2026, although candidates still face the time and other costs associated with preparing for the examinations.

A qualification is not a guarantee

The Access ranking should therefore be viewed as an indicator of the size of the company’s CFA talent pipeline rather than proof that it has produced Nigeria’s best investment professionals.

The CFA qualification can demonstrate technical knowledge and commitment to professional standards, but experience, judgement, governance and effective regulation remain important in determining how financial institutions perform.

That distinction is particularly relevant as Nigeria strengthens oversight of its capital markets.

CFA Society Nigeria says its rankings recognise organisations that invest in professionals and promote global standards in the financial sector.

The next test will be whether the investment in professional development produces measurable improvements in the quality of financial services, risk management and investor outcomes.

….Integrity, not technology, may be banks’ biggest defence against fraud

By Eyitayo Quadri

Nigerian banks are investing heavily in technology to combat fraud, but a senior banking risk executive says stronger systems will not be enough if people with authorised access can bypass them.

Eyitayo Quadri, Chief Risk Officer at Union Bank of Nigeria, argues that the biggest threat to financial institutions can come from inside their own organisations, particularly when senior employees are able to override controls.

His warning comes as Nigeria continues to deal with significant losses from digital-payment fraud, even though reported losses fell sharply in 2025.

Data presented by the Nigeria Inter-Bank Settlement System (NIBSS) showed that digital-payment fraud losses rose from about ₦17.67bn in 2023 to ₦52.26bn in 2024. NIBSS later said losses fell to ₦25.85bn in 2025.

The 2024 increase was heavily influenced by a single incident involving about ₦31.1bn, according to NIBSS. That makes the headline figure important, but it also shows why fraud statistics need to be examined beyond the total amount lost.

The risk behind the numbers

Quadri’s central argument is that fraud cannot be treated solely as a technological problem.

“The largest risks a financial institution faces are rarely the ones on the spreadsheet.”

He argues that weak judgement, conflicts of interest and the willingness of powerful individuals to circumvent controls can expose institutions even when sophisticated systems are in place.

This is consistent with international fraud research.

The Association of Certified Fraud Examiners’ 2024 Report to the Nations examined 1,921 occupational fraud cases across 138 countries and territories. It estimated that organisations lose about 5% of their revenue to fraud each year.

The study also found that tips were the most common way fraud was detected, accounting for 43% of cases. More than half of those tips came from employees.

That finding matters for banks because employees often have access that outsiders do not.

A fraudster outside a bank may need to deceive an employee or customer before reaching an account. An insider may already possess the permissions, information or system access needed to cause damage.

Nigeria’s insider-fraud problem

Nigeria’s banking regulators have repeatedly raised concerns about insider abuse.

In 2024, the Nigeria Deposit Insurance Corporation said insider abuses and financial malpractice remained major threats to the stability of banks. The corporation also worked with law-enforcement agencies on investigations involving bank directors, managers and staff.

The NDIC’s 2024 quarterly report also recorded attempted fraud and forgery by staff of four deposit money banks involving significant sums, although it said there was no actual loss in those cases.

There is a wider lesson here.

The existence of a control does not mean the control will work. It depends on who operates it, who monitors it and whether senior employees can circumvent it without consequences.

As Quadri puts it:

“The danger is greatest precisely in the corridors of power, where those who hold the keys can also switch off the alarm.”

That is an argument about governance as much as fraud prevention.

When controls can be overridden

Banks operate under multiple layers of controls. These include operational checks, risk and compliance functions, internal audit, board oversight and regulatory supervision.

The widely used Three Lines Model is designed to separate these responsibilities and provide independent challenge and assurance. The model gives operational management responsibility for managing risk, while specialist risk functions provide oversight and internal audit provides independent assurance.

The weakness emerges when the people responsible for making decisions can also neutralise the mechanisms designed to challenge them.

Quadri therefore argues that institutions need more than written policies.

“Controls without character are only paperwork; character without controls is only luck.”

The point is particularly relevant in banking, where employees routinely handle other people’s money and sensitive financial information.

Trust is the real currency

The financial consequences of fraud can be measured in naira.

The cost of losing customers’ confidence is harder to calculate.

Quadri cites Warren Buffett’s well-known warning:

“It takes 20 years to build a reputation and five minutes to ruin it.”

The broader evidence suggests that trust can recover, but rebuilding it takes time.

The 2026 Edelman Trust Barometer puts global trust in financial services at 63%, while banking recorded a 65% trust score. Edelman says financial services trust has risen by 10 percentage points over five years.

But the figures should not be interpreted as evidence that banks have solved the trust problem.

The same survey describes a broader global environment in which trust is becoming more fragmented and people are increasingly retreating towards familiar groups and institutions.

For Nigerian banks, that creates a difficult balancing act: they need customers to trust increasingly digital systems while also convincing those customers that the people operating those systems can be trusted.

Technology cannot replace accountability

Nigeria’s fraud environment is changing rapidly.

Digital banking, instant transfers and fintech services have made financial transactions faster and more convenient. They have also created more channels through which criminals can attack the financial system.

NIBSS said social engineering remains a major fraud technique and identified insider abuse as a significant threat. It also said fraud reporting remains important because non-reporting can allow individuals implicated in fraud to move between institutions.

This makes employee monitoring, whistleblowing and information-sharing important parts of fraud prevention.

It also raises a difficult question for bank boards and regulators: what happens when the person creating the risk is senior enough to influence the people responsible for challenging them?

Technology may detect unusual transactions, but governance determines whether warnings are acted upon.

The whistleblower may be more valuable than another algorithm

The ACFE findings provide an important counterweight to the technology-heavy response to fraud.

Tips detected 43% of the occupational fraud cases in its study, making employee reporting the most common detection method.

That suggests banks need environments where employees can report suspicious behaviour without fear of retaliation.

The Nigerian financial system already has whistleblowing mechanisms. The NDIC, for example, provides channels for reporting financial malpractice, fraud, corruption, diversion of funds and other misconduct.

But the existence of a reporting channel is not the same as having an effective whistleblowing culture.

Employees need to believe that complaints will be investigated independently and that reporting misconduct will not endanger their careers.

The lesson from a biblical story

Quadri uses the biblical story of the widow whose deceased husband’s debt threatened to leave her sons in bondage to illustrate his argument.

In the story, the widow appeals to the reputation of her late husband, whom she describes as a man of integrity. The prophet Elisha then helps her turn the small amount of oil she possesses into enough resources to settle the debt and support her family.

Quadri interprets the story as a lesson about reputation as an economic asset.

“The only collateral that widow could offer was her husband’s integrity, and it proved to be the one asset the creditor could not seize.”

The religious interpretation is Quadri’s own. But his broader point about reputation has a clear business implication: trust can influence whether customers, investors, employees and counterparties continue to deal with an institution after something goes wrong.

What should banks do?

Banks need controls that are independent enough to challenge senior management, boards willing to investigate uncomfortable warnings and incentive structures that do not reward employees for achieving results at any cost.

The Three Lines Model is designed partly for this purpose. Its effectiveness, however, depends on clear responsibilities and genuine independence between operational management, risk oversight and internal audit.

Quadri’s prescription is therefore cultural as well as institutional.

“The work of risk management is to make integrity institutional: to build systems that make the honest choice the path of least resistance, and that keep working long after any one person has gone.”

That distinction matters.

A bank that depends entirely on the personal morality of individual employees remains vulnerable when those employees leave, change roles or acquire greater power.

A bank with strong governance can continue to function even when individuals fail.

What this means for customers

For bank customers, the issue is not an abstract debate about corporate ethics.

Fraud can mean lost savings, frozen accounts, compromised personal information and months of uncertainty while disputes are investigated.

Customers also ultimately bear some of the wider costs of fraud through investment in security systems, compliance and controls.

For banks, the stakes are larger still. Repeated failures can attract regulatory action, litigation and reputational damage.

And for regulators, the challenge is to ensure that institutions do not merely report fraud after it occurs but can demonstrate that their systems are capable of detecting and preventing it.

Quadri’s argument ultimately comes down to a simple proposition:

“We are not guarding balances, we are guarding lives.”

That may sound like a moral argument, but in banking it also has a practical meaning.

A financial institution’s most important safeguards are not only the software, policies and audit procedures recorded in its risk framework. They are the people willing to challenge wrongdoing and the governance structures strong enough to protect them when they do.

The next test is whether banks can turn that principle into measurable practice — particularly when the person being challenged sits at the top of the organisation.