External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Equity Bottom-Up

Guaranty Trust Holding Company / Equity Bottom-Up

<ul><li>For FY'25, we now expect Guaranty Trust Holding Company Plc (GTCO) to report a 4.8% YoY decline in Profit Before Tax (PBT) and a 6.4% YoY decline in Profit After Tax (PAT) to N1.2 trillion and N952.8 billion, respectively.</li><li>Our revised forecasts reflect a lower operating income estimate of N1.7 trillion (vs. N2.0 trillion previously), following softer-than-expected earnings in spite of milder increases in operating and income tax expenses in Q3’25.</li><li>However, reaffirming our constructive five-year outlook for GTCO, we expect renewed loan growth momentum to underpin sustained expansion in Net Interest Income (NII) across the forecast horizon.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For FY'25, we now expect Guaranty Trust Holding Company Plc (GTCO) to report a 4.8% YoY decline in Profit Before Tax (PBT) and a 6.4% YoY decline in Profit After Tax (PAT) to N1.2 trillion and N952.8 billion, respectively.Our revised forecasts reflect a lower operating income estimate of N1.7 trillion (vs. N2.0 trillion previously), following softer-than-expected earnings in spite of milder increases in operating and income tax expenses in Q3’25.However, reaffirming our constructive five-year outlook for GTCO, we expect renewed loan growth momentum to underpin sustained expansion in Net Interest Income (NII) across the forecast horizon.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GTCO Plc - Rebuilding Operating Income Momentum in FY'26

<ul><li>Guaranty Trust Holding Plc (NGX: GTCO — TP: N115.93), in its unaudited 9M’25 financial results, reported a 35.5% YoY decline in profit after tax (PAT) to N699.6 billion, driven by lower Non-Interest Revenue (NIR) and higher income tax expense.</li><li>However, the Group reported a solid Q3’25 performance (PAT +31.1% QoQ), which helped cushion 9M’25 earnings.</li><li>In 9M’25, while interest income grew at a slower pace of 25.6% YoY to N1.2 trillion, following the 70bps moderation in asset yield to 14.8%, interest expense rose sharply by 40.2% YoY to N278.7 billion, following a 50bps uptick in cost of funds to 3.2%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Guaranty Trust Holding Plc (NGX: GTCO — TP: N115.93), in its unaudited 9M’25 financial results, reported a 35.5% YoY decline in profit after tax (PAT) to N699.6 billion, driven by lower Non-Interest Revenue (NIR) and higher income tax expense.However, the Group reported a solid Q3’25 performance (PAT +31.1% QoQ), which helped cushion 9M’25 earnings.In 9M’25, while interest income grew at a slower pace of 25.6% YoY to N1.2 trillion, following the 70bps moderation in asset yield to 14.8%, interest expense rose sharply by 40.2% YoY to N278.7 billion, following a 50bps uptick in cost of funds to 3.2%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GTCO Plc - Robust Q3 Performance Cushions 9M'25 Earnings

<ul><li>Our revised gross earnings forecast is underpinned by a stronger outlook for interest income, supported by a sustained increase in Interest-Earning Assets (IEAs).</li><li>Precisely, we foresee a modest 5.3% YoY (+2.6% YoY previously) growth in gross earnings to N2.2 trillion.</li><li>The key driver of this growth projection is an expected 29.5% increase in FY'25 IEA compared to the 16.5% YtD expansion in H1'25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our revised gross earnings forecast is underpinned by a stronger outlook for interest income, supported by a sustained increase in Interest-Earning Assets (IEAs).Precisely, we foresee a modest 5.3% YoY (+2.6% YoY previously) growth in gross earnings to N2.2 trillion.The key driver of this growth projection is an expected 29.5% increase in FY'25 IEA compared to the 16.5% YtD expansion in H1'25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Guaranty Trust Holding Company Plc - Renewed Loan Growth Momentum

<ul><li>Guaranty Trust Holding Plc (NGX: GTCO — TP: UR*), in its H1’25 financial results posted a 50.4% YoY decline in profit after tax (PAT) to N449.0 billion, largely on the back of a sharp decline in Non-Interest Revenue (NIR) to N282.1 billion (-62.9% YoY).</li><li>Notably, earnings per share (EPS) declined by 57.7% YoY to N13.59, reflecting the relative weakness in earnings and the dilutive impact of the higher weighted average number of shares of 32,470,054,000 (from 28,013,995,000 in the prior period).</li><li>During the period under review, an interim dividend of N1.00 per share (same as last year) was proposed, implying a payout ratio of 7.4% and a dividend yield of 1.1% on a share price of N90.00</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Guaranty Trust Holding Plc (NGX: GTCO — TP: UR*), in its H1’25 financial results posted a 50.4% YoY decline in profit after tax (PAT) to N449.0 billion, largely on the back of a sharp decline in Non-Interest Revenue (NIR) to N282.1 billion (-62.9% YoY).Notably, earnings per share (EPS) declined by 57.7% YoY to N13.59, reflecting the relative weakness in earnings and the dilutive impact of the higher weighted average number of shares of 32,470,054,000 (from 28,013,995,000 in the prior period).During the period under review, an interim dividend of N1.00 per share (same as last year) was proposed, implying a payout ratio of 7.4% and a dividend yield of 1.1% on a share price of N90.00Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Guaranty Trust Holding Plc - NIR Weakness Drives Earnings Contraction

Thematic (Sector/Industry)

<ul><li>Last week, the exchange maintained its bullish momentum for the second consecutive week, with the benchmark index gaining 1.63% WoW to settle at 149,433.25 points.</li><li>The MEP gained 2.13% in comparison, outperforming by 50bps. YtD, the MEP return of 48.87% maintains its lead over the ASI’s 45.18%, outperforming by 3.69%</li><li>The MEP’s outperformance last week was driven largely by our overweight position in MTNN (+12.98% WoW), which contributed 176 bps to overall portfolio performance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Last week, the exchange maintained its bullish momentum for the second consecutive week, with the benchmark index gaining 1.63% WoW to settle at 149,433.25 points.The MEP gained 2.13% in comparison, outperforming by 50bps. YtD, the MEP return of 48.87% maintains its lead over the ASI’s 45.18%, outperforming by 3.69%The MEP’s outperformance last week was driven largely by our overweight position in MTNN (+12.98% WoW), which contributed 176 bps to overall portfolio performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Model Equity Portfolio - 15 December 2025

Nigeria

Guaranty Trust Holding Company PLC operates as a holding company. The Company, through its subsidiaries, offers personal and commercial banking, saving accounts, loans and advances, international trade, and asset management services. Guaranty Trust Holding serves customers in Africa and the United Kingdom.

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Guaranty Trust Holding Company (GTCO NL)

GTCO Plc - Rebuilding Operating Income Momentum in FY'26

For FY'25, we now expect Guaranty Trust Holding Company Plc (GTCO) to report a 4.8% YoY decline in Profit Before Tax (PBT) and a 6.4% YoY decline...

CardinalStone

GTCO Plc - Robust Q3 Performance Cushions 9M'25 Earnings

Guaranty Trust Holding Plc (NGX: GTCO — TP: N115.93), in its unaudited 9M’25 financial results, reported a 35.5% YoY decline in profit after tax...

CardinalStone

Guaranty Trust Holding Company Plc - Renewed Loan Growth Momentum

Our revised gross earnings forecast is underpinned by a stronger outlook for interest income, supported by a sustained increase in Interest-Earning...

CardinalStone

Guaranty Trust Holding Plc - NIR Weakness Drives Earnings Contraction

During the period under review, an interim dividend of N1.00 per share (same as last year) was proposed, implying a payout ratio of 7.4% and a...

CardinalStone

CardinalStone Research - Model Equity Portfolio - 15 December 2025

Last week, the exchange maintained its bullish momentum for the second consecutive week, with the benchmark index gaining 1.63% WoW to settle at...

CardinalStone

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