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By Victory Oghene
Business seems to be on the downward swing for Guaranty Trust Holding Co. (GTCO) as it reported a sharp increase in fraud-related losses in the first half (H1) of 2026 even as the number of recorded incidents reduced drastically. GTCO also reported a 7.7% slide in profit after tax in the first half (H1) of 2026, amid a seeming struggle by the bank to reignite growth.
GTCO disclosed 9,730 fraud and forgery incidents for the period ended June 2026, down from 15,469 reported for the full year 2025, according to data from its H1 financial statement seen by MoneyCentral
The amount involved nevertheless rose to ₦3.05 billion from ₦2.58 billion, while actual or expected naira losses climbed to ₦1.48 billion from ₦269.4 million. The group also reported $97,460 in fraud exposure, though it reported no actual or expected loss in dollars for the half year.
The comparison is not like-for-like: the 2026 disclosure covers six months, versus a full-year period in 2025. Still, the direction of travel is notable. By midyear, the group had already reported fraud exposure above the prior year’s full-year value, and actual or expected losses were more than five times the 2025 level.
Measure H1 2026 FY 2025 Change
Fraud and forgery incidents 9,730 15,469 -37.1%
Amount involved ₦3.05B ₦2.58B +18.4%
Actual or expected loss ₦1.48B ₦269.4M +450.3%
Amount involved $97,460 $200,750 -51.5%
Actual or expected loss $0 $470
The data indicate a clear deterioration in the severity of losses. The implied loss rate—the share of naira fraud exposure that translated into actual or expected loss—rose to about 48.6% in H1 2026 from approximately 10.5% in 2025.
That suggests a greater proportion of reported value was not recovered, prevented or otherwise contained.
On an annualized basis, the H1 2026 incident run rate would imply about 19,460 cases, higher than 2025’s 15,469. More strikingly, annualized naira fraud exposure could reach roughly ₦6.10 billion, while annualized actual or expected losses would approach ₦2.97 billion if first-half conditions persisted.
GTCO disclosed the figures under Section 5.1.2(L) of the Central Bank of Nigeria’s corporate-governance
code, which requires disclosure of fraud and forgery information for the financial period,
In a related development,GTCO also reported a 7.7% slide in profit after tax in the first half (H1) of 2026, amid a seeming struggle by the bank to reignite growth.
Profit for the period fell to ₦414.18 billion from ₦449 billion in H1, 2025, led by a slide in net fee and commission income by 8.98 percent to ₦123 billion, from ₦135.17 billion in the earlier period.
GTCO just like other lenders are facing intense competition from fintechs whose mobile friendly platforms have drawn millions of young Nigerians and business owners for their efficiency and ease of transactions.
Flat Loan Growth
GTCO struggled to grow its loan book in the period as Loans and advances to customers were flat at ₦3.14 trillion as at June 2026, from ₦3.13 trillion in December 2025.
Deposits from customers grew by 11.3% in the period to ₦13.96 trillion from ₦12.54 trillion in December 2025, one bright spot amid intense competition from Fintechs like Opay and MoniePoint.
Source: GTCO H1 2026 financial statements
