GTCO Interest Income Jumps 506% as Card Limit Doubles

In Short

• GTCO reported a 506% rise in interest income from Q1 2020 to Q1 2026.
• Its banking unit, GTBank, doubled the quarterly international spending limit on naira debit cards to $40,000.
• The results point to how higher interest rates and larger balance sheets are reshaping Nigerian bank earnings.

What Happened

GTCO’s latest numbers show how much its interest income has expanded since the COVID-19 period. The group’s interest income rose from ₦77.04 billion in Q1 2020 to ₦467 billion in Q1 2026, a 506% increase.

Interest income is the money a bank earns from lending and from placing funds in interest-paying assets, like loans and government securities. GTCO said higher interest rates, more earning assets, and stronger yields helped drive the growth.

Compared with Q1 2025, the Q1 2026 interest income figure was up 17.5% from ₦397.4 billion. Net interest income, which is interest earned minus interest paid to depositors and other funders, increased to ₦356.29 billion from ₦64.28 billion in Q1 2020.

GTCO also broke out some drivers. Loan interest income rose 24.8%, while interest earned on cash equivalents and placements increased 30.5%. Its net loan book grew 1.3% to ₦3.17 trillion.

Separately, its subsidiary GTBank raised the quarterly international spending limit on naira debit cards from $20,000 to $40,000. The change was reported as improving foreign exchange access for eligible cardholders, meaning customers who meet the bank’s requirements for using dollar limits on naira cards.

Why It Matters

For operators and developers building in Nigeria, bank profitability affects pricing, credit appetite, and partnerships with fintechs. When interest income rises, banks can have more room to fund lending, absorb risk, and invest in digital channels.

The higher card spending limit also matters for cross-border payments, cloud subscriptions, ads, software tools, and travel. But it is still tied to foreign exchange availability and eligibility rules, so it may not translate into smooth access for every customer.

Overall, the GTCO update is a reminder that Nigerian banks are leaning harder on interest-driven earnings, and policy rates and FX conditions remain key variables for the sector.