GTCO Delivers Resilient Q1 2025 Earnings Amid Non-Recurring Fair Value Headwinds

Subject: GTCO’s $100M Equity Offering on LSE Signals Strategic Leap in Recapitalisation and Global Visibility

Guaranty Trust Holding Company Plc (GTCO) is taking a transformative step in its capital market journey with a planned $100 million fully marketed equity offering on the London Stock Exchange (LSE). The move supports the group’s recapitalisation strategy and reinforces its ambition to position as a globally competitive African financial services powerhouse.

Key Highlights

🔹 Strategic Recapitalisation Drive The offering is central to GTCO’s plan to meet the Central Bank of Nigeria’s (CBN) new N500 billion minimum capital requirement for international commercial banks. The net proceeds will recapitalise Guaranty Trust Bank Nigeria, boost its loan portfolio across retail, SME, and institutional banking, and fund upgrades in IT infrastructure, branch expansion, and strategic acquisitions in asset management and pensions.

🔹 Transition from GDR to Full LSE Listing GTCO will transition from its Global Depositary Receipts (GDRs) to a full listing of its ordinary shares on the LSE’s main market, with trading expected to commence on July 9, 2025 under the ticker “GTHC”. This transition aims to increase stock liquidity, attract a broader international investor base, and facilitate future global capital raising. The GDR listing will be cancelled by July 31, 2025.

🔹 Robust Financials Underpin Capital Raise GTCO enters this capital raise from a position of strength:

• Profit After Tax surged 61% YoY to ₦258 billion in Q1 2025 (excluding fair value gains).
• ROAE stood at 36.3%, reinforcing earnings efficiency.
• Loan book expanded by 15.5% to ₦3.2 trillion.
• Customer deposits rose by 8.6% to ₦11.3 trillion.
• Asset quality improved, with NPL ratio down to 4.5% and coverage ratio at 146.9%.

🔹 Global Backing and Coordination Citigroup Global Markets Limited is acting as the sole global coordinator and bookrunner for the offering, bringing world-class expertise to the transaction.

Implications for Investors

GTCO’s full LSE listing positions it among the few Nigerian firms with dual listings on major international bourses. This not only diversifies its investor base but also opens access to deeper capital pools, enhancing its resilience and long-term funding capabilities.

For shareholders, the move signals renewed focus on global growth, regulatory compliance, and aggressive execution of strategic priorities. It also underscores the company’s history of being a market trailblazer—this time, by integrating global visibility with domestic strength.

Final Take

GTCO’s capital raise is more than a recapitalisation effort—it’s a bold declaration of intent to lead Africa’s banking sector into a new era of cross-border competitiveness. By aligning strong fundamentals with international market access, GTCO is setting itself up as a model for what African financial services can achieve on the global stage.Subject: GTCO’s $100M Equity Offering on LSE Signals Strategic Leap in Recapitalisation and Global Visibility

Guaranty Trust Holding Company Plc (GTCO) is taking a transformative step in its capital market journey with a planned $100 million fully marketed equity offering on the London Stock Exchange (LSE). The move supports the group’s recapitalisation strategy and reinforces its ambition to position as a globally competitive African financial services powerhouse.

Key Highlights

🔹 Strategic Recapitalisation Drive The offering is central to GTCO’s plan to meet the Central Bank of Nigeria’s (CBN) new N500 billion minimum capital requirement for international commercial banks. The net proceeds will recapitalise Guaranty Trust Bank Nigeria, boost its loan portfolio across retail, SME, and institutional banking, and fund upgrades in IT infrastructure, branch expansion, and strategic acquisitions in asset management and pensions.

🔹 Transition from GDR to Full LSE Listing GTCO will transition from its Global Depositary Receipts (GDRs) to a full listing of its ordinary shares on the LSE’s main market, with trading expected to commence on July 9, 2025 under the ticker “GTHC”. This transition aims to increase stock liquidity, attract a broader international investor base, and facilitate future global capital raising. The GDR listing will be cancelled by July 31, 2025.

🔹 Robust Financials Underpin Capital Raise GTCO enters this capital raise from a position of strength:

• Profit After Tax surged 61% YoY to ₦258 billion in Q1 2025 (excluding fair value gains).
• ROAE stood at 36.3%, reinforcing earnings efficiency.
• Loan book expanded by 15.5% to ₦3.2 trillion.
• Customer deposits rose by 8.6% to ₦11.3 trillion.
• Asset quality improved, with NPL ratio down to 4.5% and coverage ratio at 146.9%.

🔹 Global Backing and Coordination Citigroup Global Markets Limited is acting as the sole global coordinator and bookrunner for the offering, bringing world-class expertise to the transaction.

Implications for Investors

GTCO’s full LSE listing positions it among the few Nigerian firms with dual listings on major international bourses. This not only diversifies its investor base but also opens access to deeper capital pools, enhancing its resilience and long-term funding capabilities.

For shareholders, the move signals renewed focus on global growth, regulatory compliance, and aggressive execution of strategic priorities. It also underscores the company’s history of being a market trailblazer—this time, by integrating global visibility with domestic strength.

Final Take

GTCO’s capital raise is more than a recapitalisation effort—it’s a bold declaration of intent to lead Africa’s banking sector into a new era of cross-border competitiveness. By aligning strong fundamentals with international market access, GTCO is setting itself up as a model for what African financial services can achieve on the global stage.