Guaranty Trust Holding Company Plc (GTCO) has reported a significant shift in its asset allocation, with investment in government securities now outpacing lending to customers. As of June 2026, customer deposits reached N13.97 trillion, yet the loan-to-deposit ratio fell to 22.5 percent, as the bank increasingly favors securities over traditional lending. Consequently, income from government securities hit N382.9 billion, surpassing the N347.9 billion generated from customer loans. Despite this, GTCO’s profit before tax remained nearly flat at N603 billion, while profit after tax declined by 7.8 percent to N414.2 billion, weighed down by rising costs and a higher effective tax rate. Returns on equity for the period also slipped to 24.9 percent.