GTCO becomes first NGX banking stock to surpass N100 per share

Shares of Guaranty Trust Holding Company Plc (GTCO) surged past the symbolic N100 threshold during mid-session trading on Wednesday, July 16, 2025, marking a historic milestone on the Nigerian Exchange (NGX).

This makes GTCO the first banking stock under the NGX Banking Index to surpass N100 per share, with Stanbic IBTC Holdings trailing close behind at N99.

The NGX Banking Index has already soared over 22 per cent this July alone, driven by renewed investor optimism and a wave of strong corporate results.

GTCO’s rally is largely attributed to a combination of market confidence in the bank’s strategic global expansion and robust financial performance.

On July 9, 2025, the group achieved a major milestone by listing 2.29 billion ordinary shares on the London Stock Exchange’s Main Market.

This was followed by the listing of another 2.28 billion shares on the Nigerian Exchange on July 10, part of a broader strategy to attract global capital and deepen investor participation.

GTCO’s year-to-date performance has been remarkable. The stock opened 2025 at N57 and closed January at N61.05 after trading 393 million shares.

Although February witnessed a slowdown, with only a marginal 0.25 per cent gain, bullish sentiment returned in March with a 12.4 per cent spike, lifting the quarter one gains to 20.7 per cent.

Despite a temporary dip of 4.9 per cent in April—the stock’s only negative month so far this year—GTCO rebounded strongly in May and June, closing the second quarter with an 18.1 per cent gain.

So far in July, the bullish trend has accelerated, with the stock trading between N102 and N103 at mid-session on Wednesday.

Market analysts attribute the recent momentum to several positive catalysts, including the bank’s stellar first-quarter 2025 performance.

GTCO posted a pre-tax profit of N300.4 billion in the first quarter, underpinned by a 41.1 per cent rise in interest income and a 41.2 per cent increase in fee and commission income.

The Central Bank of Nigeria’s June 2025 directive—which barred banks under regulatory forbearance from paying dividends or making certain investments—also worked in GTCO’s favour.

A source familiar with the company confirmed that GTCO had exited regulatory forbearance as of December 2024, giving it a clean bill of health. On June 17, GTCO was the only FUGAZ (First Bank, UBA, GTCO, Access, Zenith) stock to close in the green, gaining 5.8 per cent, while the broader banking index faltered.

Commenting on the company’s dual listing, GTCO Group CEO Segun Agbaje expressed confidence in the group’s long-term growth trajectory.

He reaffirmed the company’s commitment to delivering a minimum dividend yield of 15 per cent and return on equity (ROE) of at least 25 per cent.

“Our dual listing positions GTCO as a truly global financial services provider, and we remain committed to creating superior value for our shareholders,” Agbaje stated.