External broker reports(aggregated public sources), CardinalStone

CardinalStone

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.

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><p><em>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.</em></p>

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