GTCO records N2.78 trillion in debit card transactions in H1’25

Guaranty Trust Holding Company PLC (GTCO), parent company of GTBank, has reported N2.78 trillion in transactions via debit cards during the first half of 2025. This is according to the financial statement released by the group, which reported a profit before tax of N601 billion.

According to GTCO, transactions via debit cards are facilitated through local and international mediums. These transactions are carried out using the GTCO’s Naira Mastercard debit card.

The group reported N2.45 trillion in local transactions using debit cards on ATMs, POS, and the Web, compared to N12.4 trillion recorded for the entire year in 2024.

Further breakdown shows that transactions carried out locally on POS and Web recorded N2.4 trillion in value compared to N73.6 billion transacted via ATMs. 

In the international scene, the group saw N334 billion in transactions in H1’25, compared to N516 billion recorded in 2024. Further breakdown shows that N110.3 billion was facilitated via ATMs, while POS and Web saw N224.2 billion. 

Also, GTCO reported that a total of 160 million in volume of transactions were processed using debit cards during the period under review.

Explicitly, 157.7 million transactions were carried out locally using debit cards. 152.8 million were done using POS and Web, while 4.8 million were facilitated via ATMs during the first half of 2025. For the entire 2024, the GTCO recorded 786 million volumes in local transactions facilitated using debit cards. 

At the international stage, a total of 2.5 million transactions were facilitated using debit cards, with 1.7 million via POS and Web and 829,000 through ATMs. In 2024, the volume of international transactions totalled 3.8 million.

GTCO stated that the use of Naira Mastercard for international transactions is currently disabled. Currently, customers use foreign currency-denominated cards for international transactions. 

“However, due to the volatile fluctuation in the exchange rate, we were compelled to disable our Naira-denominated card products from carrying out transactions outside Nigeria,” part of the statement reads.

Also Read: GTCO records N1.017 trillion profit after tax, highest in the bank’s history.

In the financial statement, the group revealed that a total of 6,401 fraud and forgery incidents worth N864 million were recorded in H1’25. In the entire 2024, the group saw 15,544 fraud cases worth N2 trillion. 

Online banking income in H1’25

During the period in review, the group saw an online banking income of N28.714 billion during the first half of 2025. 

According to GTCO, income from electronic banking was N28.714 billion during the period in review, an 11.97% year-on-year (YoY) decrease. Electronic banking operations are carried out via online platforms, mobile applications and ATMs. 

The N28.714 billion electronic banking income represents a share of 4.77% of the total profit before tax. 

However, GTCO’s income from online banking is not limited to electronic banking income. Other sources, such as Commission on Touch Pad and Account Maintenance fees, are part of, but not limited to, online banking. These operations consist of both physical and online banking.

On commission on touch pads, which are income from fees charged for transactions and services conducted through customer access points, GTCO saw an income of N24.782 billion in H1’25. This represents a 616.84% increase compared to H1’24.

For the account maintenance fee, the group recorded an income of N17.588 billion, a 2.41% YoY increase. 

GTCO in H1’25: Overall financial statement at a glance

For the first half ending June 30, 2025, GTCO reported a pre-tax profit (PBT) of N601 billion, a decline from the N1 trillion recorded a year ago. Also, profit after tax (PAT) stood at N449.01 billion, compared to N905.57 billion in H1’24.

A top contributor to the group’s earnings is the interest income. The company saw its interest income grow by 71% YoY to N812.36 billion. Also, it contributed 76% to gross earnings, compared to 44% in H1 2024.

Notably, the company recorded a gross earnings of over N1 trillion despite experiencing a drop in PBT and PAT. Interest income from investments in securities has a 35% share of gross earnings, surpassing the 27% contribution from loans and advances. 

In addition, customer deposits grew by 19% to N18.878 trillion. This accounted for 71% of the banks’ total assets of N16.692 trillion.

GTCO, based in Nigeria, is one of the leading financial institutions in Africa with subsidiaries in Gambia, Sierra Leone, Ghana and Liberia. Others are Kenya, Tanzania, Côte d’Ivoire and the United Kingdom.