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Event
Guaranty Trust Holding Company (GTCO or “The Group”) delivered a strong performance in FY 2024, with gross earnings rising by 81% year-on-year to N2.15trn from N1.19trn in FY 2023. The impressive growth was supported by a significant jump in both interest and non-interest income.
Profit after tax printed at N1.02trn, reflecting the Group’s resilience and earnings power in a high-yield environment. Following the result, GTCO declared a final dividend of N7.03 per share, after paying an interim dividend of N1.00 earlier in the year – bringing total dividend to N8.03 for FY 2024, more than double the N3.20 paid in FY 2023.
Valuation
We forecast PAT to grow by 16% to N1.18trn, translating to an EPS of N34.25 (FY 2024: N29.47). Based on our earnings outlook and payout expectation, we estimate a dividend of N8.20 per share in FY 2025 (FY 2024: N8.03).
Please follow the link Guaranty Trust HoldCo FY 2024 – High-Yield Environment Fuels Record Profit, Positions GTCO for Sust.. to view the whole report.
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