Guaranty Trust Holding Balance Sheet Health
Financial Health criteria checks 4/6
Guaranty Trust Holding has total assets of NGN17,761.2B and total equity of NGN3,411.4B. Total deposits are NGN12,874.0B, and total loans are NGN3,132.3B.
Key information
5.2x
Asset to equity ratio
n/a
Net interest margin
| Total deposits | ₦12.87t |
| Loan to deposit ratio | Appropriate |
| Bad loans | 5.0% |
| Allowance for bad loans | Low |
| Current ratio | Low |
| Cash & equivalents | ₦5.42t |
Recent financial health updates
Recent updates
Narrative Update • May 06
Guaranty Trust Holding Company Plc Delivers Resilient FY 2025 Performance Amid Strong Interest Income Growth
Analyst: Qudus Adebara (Research Analyst, DLM Securities) Executive Summary Guaranty Trust Holding Company Plc (GTCO) delivered a resilient financial performance for the year ended 31 December 2025, supported by strong growth in interest income, improved fee-based earnings, and lower loan impairment charges. Gross earnings remained robust, with total interest income rising significantly, while net interest income expanded to ₦1.26 trillion, driven by growth in loans, investment securities, and cash balances.
Narrative Update • Apr 29
GTCO: Future Returns Will Depend On Sustained But Vulnerable Margin Strength
Analysts now place Guaranty Trust Holding’s fair value at about NGN116.17 per share, up from roughly NGN107.71. This reflects updated assumptions around revenue growth, profit margins and future P/E expectations.Narrative Update • Apr 14
GTCO: Future Returns Will Rely On Sustained Margin Strength
Analysts have adjusted their NGN price target for Guaranty Trust Holding to reflect updated assumptions that keep fair value steady at NGN107.71, with revised expectations for revenue growth, profit margins and future P/E now shaping the narrative around the stock. What's in the News Guaranty Trust Holding Company Plc proposed a final dividend of NGN 11.76K per ordinary share of 50 Kobo for the period ended December 31, 2025, subject to withholding tax and shareholder approval, bringing the total dividend for the 2025 financial year to NGN 12.76K per share (Key Developments).Narrative Update • Apr 08
GTCO Q3 Earning Result – Strong Core Earnings Momentum Sustained Despite Absence of Exceptional FX Gains
Analyst: Qudus Adebara Executive Summary Guaranty Trust Holding Company Plc (GTCO or “the Group”) released its unaudited financial statements for the nine months ended 30 September 2025 , demonstrating sustained growth in core banking operations despite a high base effect from 2024’s exceptional FX revaluation gains. The Group reported a profit before tax (PBT) of ₦900.8 billion , representing a 26% year-on-year decline from ₦1.22 trillion in 2024, primarily reflecting the non-recurrence of last year’s outsized foreign exchange gains.Narrative Update • Mar 31
GTCO: Fair Outlook Will Depend On Margins And Board Oversight
Analysts have kept their NGN price target for Guaranty Trust Holding unchanged, reflecting stable assumptions on a fair value of NGN 107.71, a discount rate of 25.41%, revenue growth of 17.60%, a profit margin of 60.79%, and a future P/E of 5.07x. What's in the News Guaranty Trust Holding Company Plc has scheduled a Board meeting for April 28, 2026, to consider the unaudited financial statements for the first quarter ending March 31, 2026 (Key Developments).Narrative Update • Mar 17
GTCO: Fair Outlook Will Depend On Margins And Evolving P E Expectations
Analysts now set their fair value estimate for Guaranty Trust Holding at NGN107.71, up from NGN105.37, citing updated assumptions on discount rate, revenue growth, profit margin, and a lower future P/E multiple. Valuation Changes Fair Value: NGN105.37 to NGN107.71, a small upward adjustment in the estimated fair value.
Narrative Update • Mar 02
GTCO: Upcoming Dividend Board Meeting Will Reinforce Elevated Downside Risk
Analysts have kept their NGN 72.96 price target for Guaranty Trust Holding unchanged, citing only slight adjustments to revenue growth, profit margin and forward P/E assumptions that do not materially alter their overall valuation view. What's in the News A board meeting is scheduled for January 27, 2026, to consider the audited financial statements for the year ending December 31, 2025.Narrative Update • Feb 16
GTCO: Board Dividend Decisions Will Highlight Elevated Downside Risk
Analysts have raised their NGN fair value estimate for Guaranty Trust Holding from NGN68.38 to NGN72.96, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples. What's in the News Board meeting scheduled for January 27, 2026, to review the audited financial statements for the year ending December 31, 2025 (Key Developments).
Narrative Update • Feb 02
GTCO: Stable Margins And Board Dividend Agenda Will Support Future Upside
Analysts have nudged their fair value estimate for Guaranty Trust Holding to ₦131.83 from ₦130.00, reflecting updated assumptions around slightly different revenue growth, profit margin and forward P/E inputs. What's in the News Guaranty Trust Holding Company Plc has scheduled a board meeting for January 27, 2026.Narrative Update • Jan 19
GTCO: Fair Outlook Will Hinge On Margins And Upcoming Board Decisions
Analysts have raised their price target on Guaranty Trust Holding to ₦105.37 from ₦97.18, citing updated assumptions that combine a slightly lower revenue growth outlook with a higher profit margin and a revised future P/E of about 6x. What's in the News Board meeting scheduled for January 27, 2026, to consider the audited financial statements for the year ending December 31, 2025 (Key Developments).Narrative Update • Jan 05
GTCO: Stable Metrics And Upcoming Board Decisions Will Shape Future Returns
Analysts have kept their price target for Guaranty Trust Holding unchanged, citing stable fair value estimates, discount rate assumptions, revenue growth expectations, profit margin outlook and a forward P/E of about 5.53x as the key factors behind maintaining this view. What's in the News Board meeting scheduled for January 27, 2026 to consider the audited financial statements for the year ending December 31, 2025 (Key Developments) Full year dividend matters are expected to be discussed at the January 27, 2026 board meeting (Key Developments) Other business issues will also be taken up at the upcoming board meeting, providing more clarity on the holding company's near term priorities (Key Developments) Valuation Changes Fair Value Estimate: Fair value is unchanged at 97.18, indicating no revision to the core valuation output.Narrative Update • Dec 17
GTCO Margins Are Expected To Support Higher Future Share Price
Analysts have raised their price target on Guaranty Trust Holding from ₦121.05 to ₦130.00, citing expectations of structurally higher profit margins and a modestly richer valuation multiple that more than offsets slightly slower projected revenue growth. What's in the News Board meeting scheduled for January 27, 2026, to review audited financial statements for the year ending December 31, 2025 (company filing) Full year dividend considerations are expected to be tabled at the January 27, 2026, board meeting (company filing) Directors will also discuss other strategic and operational business matters during the upcoming board session (company filing) Valuation Changes The fair value estimate has risen modestly from NGN 121.05 to NGN 130.00, reflecting a higher assessed intrinsic value per share.Narrative Update • Dec 03
GTCO: Lower Risk Profile And Strong Margins Will Drive Upside Potential
Analysts have nudged their price target on Guaranty Trust Holding higher, lifting fair value by approximately 6 percent to about ₦97 per share, citing a lower perceived risk profile, resilient profitability with expanding margins, and attractive forward earnings multiples. Valuation Changes Fair Value has risen slightly from about NGN 91.91 to NGN 97.18 per share, reflecting a modest upward reassessment of intrinsic worth.Narrative Update • Nov 02
Guaranty Trust Holding Company Plc (H1 2025 Results)
GUARANTY TRUST HOLDING COMPANY PLC (GTCO) – Solid Core Earnings Offset High 2024 Base as Balance Sheet Strengthens Further Executive Summary Guaranty Trust Holding Company Plc sustained its strong operational momentum in Q3 2025, delivering robust core banking performance despite a high comparative base from the previous year, which benefited from outsized foreign exchange (FX) gains. The Group’s results underscore the resilience of its franchise, underpinned by steady growth in interest-earning assets, improved fee-based income, and a strengthened balance sheet.Narrative Update • Sep 27
HabariPay And East Africa Expansion Will Bring Opportunities And Risks
Guaranty Trust Holding’s price target has been revised upward as analysts anticipate stronger revenue growth (26.2% vs. 18.7%) and a higher future P/E, reflecting improved earnings expectations, raising fair value from NGN86.89 to NGN91.91.Narrative Update • Sep 24
Guaranty Trust Holding Company Plc (H1 2025 Results)
GTCO — Recapitalisation Strengthens Growth Trajectory Guaranty Trust Holding Company Plc (GTCO) has fortified its flagship banking subsidiary, GTBank, with a ₦365.85 billion ($236 million) capital injection , raising its share capital to ₦504 billion , thereby securing compliance with the Central Bank of Nigeria’s (CBN) new minimum capital requirements for internationally licensed lenders. This move not only safeguards GTBank’s international licence but also positions the Group for aggressive growth across lending, digital infrastructure, and pan-African expansion.Narrative Update • Sep 04
HabariPay And East Africa Expansion Will Bring Opportunities And Risks
Despite a slight moderation in forecasted revenue growth and a marginally higher future P/E, analysts have increased their fair value estimate for Guaranty Trust Holding from NGN83.61 to NGN86.89. What's in the News Guaranty Trust Holding will change its Nigerian Stock Exchange ticker symbol to GTCO, effective August 1.
New Narrative • Feb 22
Future Net Margins Will Be Squeezed By Windfall Tax Risk And Higher Operational Costs
Caution in maintaining flat guidance hints at potential upcoming economic or market challenges affecting growth.Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Financial Institutions Analysis
Asset Level: GTCO's Assets to Equity ratio (5.2x) is low.
Allowance for Bad Loans: GTCO has a low allowance for bad loans (60%).
Low Risk Liabilities: 90% of GTCO's liabilities are made up of primarily low risk sources of funding.
Loan Level: GTCO has an appropriate level of Loans to Assets ratio (18%).
Low Risk Deposits: GTCO's Loans to Deposits ratio (24%) is appropriate.
Level of Bad Loans: GTCO has a high level of bad loans (5%).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/08 10:56 |
| End of Day Share Price | 2026/05/08 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Analyst Sources
Guaranty Trust Holding Company Plc is covered by 17 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Timothy Wambu | Absa Bank Limited |
| null null | ARM Research |
| Jaap Meijer | Arqaam Capital Research Offshore S.A.L. |