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>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><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>

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