Guaranty Trust Holding Company (“The Group”) sustained its positive momentum into Q3 2023, driven by the high interest rate environment.

Performance Highlights

Gross earnings grew by 42% year-on-year to N177.73bn, driven by both interest and non-interest income growth. Interest income grew by 74% year-on-year to N148.61bn, while non-interest income grew by 29% year-on-year to N51.32bn. Due to a rising interest rate environment, asset yields improved and supported interest income growth.


Following an improved performance, we now expect profit after tax in FY 2023 to settle at N386.99bn, which translates to a 130% year-on-year growth and an earnings per share of N13.05.

Our fair value estimate for the stock is now N47.51, which effectively implies a justified price-to-earnings multiple of 3.64x. At the current market price, we believe that the stock still offers potential despite the current bullish run. Therefore, we maintain our BUY recommendation.

Please follow the link “Guaranty Trust HoldCo. Q3 2023 – Elevated Interest Rate Environment Sustain Earnings” to view the whole report.

Thank you.

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