Guaranty Trust Holding Company (GTCO) Plc recorded a 72% increase in directors’ remuneration to N4.45 billion in the first nine months of 2026, despite a 12.2% decline in the group’s profit after tax during the same period.
According to the financial services group’s unaudited financial statements for the period ended September 30, 2026, directors’ emoluments increased by N1.86 billion from N2.59 billion recorded in the corresponding period of 2025.
The increase came as GTCO’s profit after tax declined to N614.57 billion from N699.64 billion, representing an N85.07 billion reduction in earnings.
Profit before tax also fell by 2.3% to N879.90 billion from N900.80 billion, while income tax expenses surged by 31.9% to N265.32 billion from N201.16 billion.
A breakdown of the group’s operating expenses showed that directors’ remuneration increased significantly faster than overall personnel expenses, which declined by 3.4% to N88.51 billion from N91.61 billion.
However, wages and salaries increased by 2.3% to N90.46 billion from N88.46 billion, indicating that employee salary expenditure continued to rise despite the reduction in total personnel costs.
The decline in personnel expenses was influenced by a N5.47 billion credit recorded under defined-benefit costs during the period.
At the holding-company level, directors’ emoluments increased sharply to N853.50 million from N47.67 million in the corresponding period of 2025.
This represents an increase of approximately 1,690%, although the financial statements did not provide a detailed explanation for the substantial movement in the holding company’s directors’ remuneration.
The group also recorded higher administrative and operational costs, with other operating expenses increasing by 6.5% to N228.83 billion from N214.88 billion.
Technology and service-related expenses declined to N34.83 billion from N37.92 billion, while outsourcing costs fell slightly to N29.09 billion from N29.53 billion.
Advertising, promotion and corporate gifts expenses also declined to N13.21 billion from N13.49 billion.
In contrast, occupancy costs increased to N25.56 billion from N22.89 billion, while repairs and maintenance expenses rose to N12.92 billion from N10.21 billion.
The increase in directors’ remuneration comes amid pressure on the group’s profitability, with higher funding costs and taxation weighing on earnings.
Interest expenses increased by 27.7% to N356 billion from N278.73 billion, while net interest income declined to N935.88 billion from N952.14 billion.
GTCO’s financial statements classified the N4.45 billion expenditure as directors’ emoluments but did not provide a breakdown identifying how much was paid to individual directors or the specific components of their compensation.
The disclosure highlights a widening difference between the growth in directors’ remuneration and the group’s overall earnings performance during the nine-month period.
