GTCO stock: Cordros cuts target after a softer earnings outlook

Published on 10/22/2026 at 00:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Cordros cut the target for GTCO stock to NGN 140.50 on October 13, 2026. H1 2026 pretax profit reached NGN 603.03 billion.

Earnings and payout dates

Cordros cut its GTCO target to NGN 140.50 from NGN 155.97 on October 13, 2026.
GTCO reported H1 2026 profit before tax of NGN 603.03 billion, up 0.40 percent year over year.
GTCO's next reporting date is October 28, 2026, while London-listed depositary interests are due for payment on November 3, 2026.

GTCO, NGGTCO000002, Illustration mit AI erstellt.

Guaranty Trust Holding Company (NGGTCO000002) saw Cordros cut its target to NGN 140.50 per share from NGN 155.97 on October 13, 2026, according to Investadvocate. The revision followed a more cautious balance-sheet outlook and a lower 2026 loan-growth forecast of 7.00 percent, down from 25.00 percent.

Target cut reflects slower growth

The analyst update reduced the 2026 deposit-growth forecast to 15.00 percent from 30.00 percent and lowered expected 2026 pretax-profit growth to 2.30 percent from 10.10 percent. Cordros retained a HOLD rating and raised its payout-ratio assumption to 60.00 percent from 50.00 percent, according to the same dated update.

The earnings context is mixed. GTCO reported NGN 603.03 billion in pretax profit for the six months ended June 30, 2026, up 0.40 percent from NGN 600.90 billion a year earlier. A NGN 46.20 billion fair-value loss limited the increase.

What does diversification add?

The non-banking businesses are growing faster than the group headline. BusinessDay reported that HabariPay lifted pretax profit to NGN 7.81 billion in the first half of 2026 from NGN 4.02 billion, a 94.00 percent increase. GT Fund Managers generated NGN 7.21 billion, up from NGN 3.71 billion.

Three dated signals for GTCO

On September 28, 2026, GTCO released H1 results showing NGN 603.03 billion in pretax profit and an interim dividend of NGN 1.00 per share. On October 13, 2026, Cordros cut its target to NGN 140.50 from NGN 155.97. On October 21, 2026, BusinessDay reported that HabariPay's first-half pretax profit reached NGN 7.81 billion.

Upcoming dates carry the next catalyst

Investing.com lists October 28, 2026, as the next reporting date. Daily Trust reported that London-listed depositary interests are scheduled for dividend payment on November 3, 2026.

GTCO enters the next results window

The central question is whether faster growth in payments and fund management can offset slower loan expansion and the pressure from fair-value losses. The October 28 reporting date should provide the next measured update on that balance.