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In its recently released earnings results for the first half of 2023 (H1:2023), GTCO’s Gross Earnings jumped by 181.08% year-on-year (YoY)  to NGN672.60bn mainly due to the spike in non-interest income (+385.03% YoY to NGN446.66bn), an offshoot of the massive FX revaluation gains recorded in the period. Elsewhere, Operating Expenses increased by 26.26% YoY to NGN125.58bn. Profit Before Tax (PBT) and Profit After Tax (PAT) grew massively by 217.09% YoY and 261.65% YoY each to NGN327.40bn and NGN280.48bn respectively. Overall, Net Profit Margin improved by 9.29% to 41.70% in the period.

We have revised our target price for GTCo to NGN43.11 for 2023FY. At its current price of NGN38.80 as of 6th September 2023, this translates to an upside prospect of 11%. Thus, we put a “STRONG BUY” rating on the stock.


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