Guaranty Trust Bank (Ghana) Ltd delivered a resilient first-quarter performance in 2026, recording growth in profitability, deposits, loans and total assets despite rising operating costs and a slight deterioration in asset quality, according to the latest Credit Assessment Report released by Tesah Capital, a wealth management, investment and pensions firm.
The report showed that the bank maintained a strong capital position, healthy liquidity levels and robust balance sheet expansion during the period under review, reinforcing its ability to support business growth while meeting regulatory requirements.
Profit growth moderates amid higher costs
According to the report, GT Bank Ghana recorded a 6.9% year-on-year increase in profit after tax, rising to GH¢268.47 million in the first quarter of 2026 from GH¢251.13 million in the corresponding period of 2025.
The growth was supported by improved operating income, although higher expenses tempered the overall increase in profitability.
Net operating income rose by 12.3% year-on-year to GH¢549.27 million, driven primarily by strong growth in fee and commission income as well as trading income.
Interest income also recorded positive growth, increasing by 5.4% despite the bank significantly expanding its lending activities during the period.
Tesah Capital noted that the earnings performance reflected the bank’s ability to generate income from multiple revenue streams while strengthening its position in the market.
Aggressive loan expansion
One of the standout features of GT Bank Ghana’s first-quarter performance was the rapid growth in its loan portfolio.
Loans and advances to customers expanded by 62.3% year-on-year to GH¢5.45 billion, reflecting increased lending activities and stronger support for businesses and individuals.
The report indicated that the substantial increase in credit extension contributed significantly to the growth in interest income and overall asset expansion.
The aggressive loan growth also supported broader economic activity by increasing access to financing across key sectors of the economy.
Operating efficiency under pressure
Despite the growth in income, the bank experienced rising operating costs during the quarter.
Operating expenses increased sharply by 41.5% year-on-year, driven by higher personnel costs and other operating expenditures.
As a result, the bank’s cost-to-income ratio rose from 19.4% in the first quarter of 2025 to 24.4% in the same period of 2026.
Although the ratio deteriorated, analysts noted that it remains relatively low by industry standards, indicating that the bank continues to operate efficiently despite the increase in costs.
Strong liquidity position maintained
GT Bank Ghana maintained a solid liquidity position throughout the period, according to the report.
The bank’s liquidity ratio improved from 70.05% in the first quarter of 2025 to 72.91% in the corresponding period of 2026.
The improvement indicates that the bank retained adequate liquid resources to meet its short-term obligations and support ongoing operations.
The report highlighted that the bank’s liquidity profile remained one of its key strengths, providing flexibility to manage funding requirements while sustaining growth.
Deposits surge by 35%
Customer deposits recorded significant growth during the period.
Deposits increased by 35% year-on-year to GH¢20.75 billion in the first quarter of 2026.
The strong deposit mobilisation provided a stable and relatively low-cost funding base for the bank’s expanding lending activities and overall operations.
The growth also reflected continued customer confidence in the bank and its ability to attract and retain deposits in a competitive banking environment.
According to the report, the increase in deposits played a crucial role in supporting the expansion of the bank’s balance sheet and loan portfolio.
Cash holdings rise significantly
GT Bank Ghana also strengthened its cash position during the period under review.
Cash and cash equivalents grew by 49.3% year-on-year to GH¢10.81 billion.
The substantial increase in cash resources further reinforced the bank’s liquidity position and ability to meet customer obligations while pursuing growth opportunities.
Tesah Capital noted that the strong cash holdings provide an additional cushion against potential market uncertainties and funding pressures.
Capital position remains robust
The report indicated that GT Bank Ghana remained one of the best-capitalised banks in the industry.
Although the bank’s Capital Adequacy Ratio (CAR) declined marginally from 33.52% in the first quarter of 2025 to 30.94% in the same period of 2026, it remained significantly above the Bank of Ghana’s minimum regulatory requirement of 13%.
The strong capital buffer provides substantial capacity for the bank to absorb potential losses, support future growth and maintain financial stability.
Tesah Capital described the capital position as a key strength that enhances the bank’s resilience in a changing economic environment.
Asset quality shows slight weakening
While the bank recorded strong growth across most performance indicators, asset quality showed some deterioration during the quarter.
The Non-Performing Loan (NPL) ratio increased from 1.83% in the first quarter of 2025 to 4.40% in the corresponding period of 2026.
According to the report, the increase was largely linked to the rapid expansion of the loan portfolio.
Despite the rise, analysts noted that the NPL ratio remains relatively manageable and continues to compare favourably with industry averages.
Tesah Capital stated that the bank’s asset quality will require close monitoring as lending activities continue to expand.
Total assets exceed GH¢24 Billion
GT Bank Ghana’s balance sheet continued to expand strongly during the period.
Total assets increased by 32.1% year-on-year to GH¢24.20 billion in the first quarter of 2026.
The growth was driven primarily by increases in loans and advances as well as cash and cash equivalents.
The expansion reflects the bank’s growing market presence and ability to mobilise resources to support business growth.
Leverage ratio declines marginally
The report also noted a slight decline in the bank’s leverage ratio.
The leverage ratio decreased from 12.44% in the first quarter of 2025 to 11.02% in the same period of 2026.
The decline was attributed to faster asset growth relative to capital growth.
Despite the reduction, the leverage ratio remains strong and indicates adequate capital support for the bank’s overall exposure.
Tesah capital recommendation
Based on its assessment, Tesah Capital concluded that GT Bank Ghana remains financially sound and well-positioned to meet its obligations.
The firm noted that the bank’s liquidity position should enable it to adequately service its financial commitments, while its Capital Adequacy Ratio of 30.94% remains comfortably above the regulatory minimum of 13%.
The report highlighted strong asset growth driven by customer deposit mobilisation and loan book expansion, although it cautioned that the rise in the NPL ratio warrants continued monitoring.
Consequently, Tesah Capital recommended short-term fixed deposit investments ranging from 91 days to 182 days with GT Bank Ghana, while keeping a close watch on asset quality trends and future earnings performance.
The assessment suggests that despite emerging credit quality pressures associated with rapid loan growth, GT Bank Ghana remains on a strong financial footing, supported by robust liquidity, solid capital buffers and continued growth in core banking activities.
