Earnings Report /
Nigeria

Guaranty Trust Holding Co PLC: Q2 21 profit growth slows on weaker asset yields

  • Q2 21 profit fell 24% yoy, due to lower asset yields and higher operating costs. Interim dividend/share kept at NGN0.3

  • The group plans to increase gross loans in H2 21 (currently down 2% ytd) and reduce exposure to upstream oil and gas

  • We keep our Buy rating. GTCO's operating efficiency, funding costs and capital ratio remain favourable relative to peers

Busola Jeje
Busola Jeje

Research Analyst

Tellimer Research
23 September 2021
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