GTCO Sets New Record as Share Price Hits All-Time High
- GTCO has become the first Nigerian banking stock to cross N100, following strong investor demand
- The demand follows the recent GTCO listing on the London Stock Exchange, which has generated interest
- The bank has been on the rise, posting a record profit of N1.017 trillion in 2024, marking an 88.4% increase from the previous year
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Guaranty Trust Holding Company (GTCO), the parent company of GTBank, has made history on the Nigerian Exchange (NGX), becoming the first banking stock to surpass the N100 mark.
This follows a surge in investor confidence driven by GTCO's recent listing on the London Stock Exchange (LSE) and a robust financial performance.
Source: Getty Images
On Wednesday, July 16, GTCO's share price closed at N101, a milestone never achieved in the banking index before.
As it stands, GTCO is the most valuable banking stock by share price on the NGX, while Stanbic IBTC Holdings trails at around N99.
Why GTCO share price soar
Market analysts attribute the rally to growing investor optimism following GTCO’s dual-market strategy and recapitalisation drive aimed at strengthening its banking subsidiary in Nigeria.
The group recently launched a fully marketed equity offering to raise $100 million (approximately N154 billion) to meet the Central Bank of Nigeria's new minimum capital requirement of N500 billion for international commercial banks.
The company said in a statement.
“The net proceeds of this offering will be used primarily for the further recapitalisation of GTBank Nigeria and are intended to be deployed in accordance with GTCO’s growth strategy."
GTCO's strong fundamentals have also played a key role in attracting investors.
In its 2024 financial statement, the group reported a record profit after tax of N1.017 trillion a 88.4% increase from the N539.6 billion recorded in 2023, marking the highest in its history.
The stock’s momentum led to the listing of 2.28 billion additional shares on the NGX, pushing the company’s market value up by 2.39% to N3.004 trillion.
Source: Twitter
CEO experts react to GTCO performance
Group Chief Executive Officer Segun Agbaje described the listing on the London Exchange as a transformative moment for the company.
He said:
“This offering and transition to a full listing on the Official List of the FCA and to trading of the company’s shares on the London Stock Exchange’s main market for listed securities represents a pivotal moment in GTCO’s growth story, reinforcing our position as a forward-thinking African financial services institution."
Reacting to GTCO's latest moves, Gilbert Ayoola, a capital market advocacy educator, said:
"GTCO remains a fundamentally sound stock, well-suited for long-term, income-focused portfolios.
"Its robust earnings, corporate governance, and market positioning make it a key holding in the Nigerian banking space.
GTCO surpasses N3 trillion market cap
Earlier, Legit.ng reported that GTCO’s market value exceeded N3 trillion in the equities market.
According to reports, investors increased their stakes in the banking group amid expectations of strong earnings, improved corporate governance and a healthy dividend history.
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Source: Legit.ng
