Execution, macro and valuation assumptions disappoint.
NGX: GTCO · Banking
Guaranty Trust Holding Company
A Nigerian financial-services group built around a low-cost deposit franchise, disciplined lending and emerging payments and asset-management businesses.
PublishedInvestment view
The quality is obvious. The price you pay still matters.
GTCO combines abundant capital, cheap deposits and unusually low operating costs. Earnings normalisation and the productive use of surplus capital will decide whether a good bank remains a great investment.
Financial evidence
The numbers that carry the argument
Figures are reference-period data, not a live market feed.
FY2025 EPS₦25.43
P/E5.1×
Dividend yield9.8%
Capital adequacy43.8%
CoveragePublished
Scenario valuation
The range matters more than the decimal.
Normalised operating delivery and disciplined capital allocation.
Strong delivery, supportive macro conditions and rerating.
Risks
What can break the thesis
- Lower yields on government securities
- Credit-quality deterioration
- Regulatory capital demands
- Slow deployment of surplus capital
Company research