Guaranty Trust Holding Company Plc · NSENG:GTCO
Guaranty Trust — FY2025 Earnings Presentation
68 slides from Guaranty Trust's earnings presentation, December 2025
Slide 1: FY 2025 Investor Presentation
FY 2025 Investor Presentation … a Diversified Financial Services Group Banking Fund Managers Pension Managers Payments
Slide 2: Outline
01 Outline The GTCO Story 02 Group Performance Highlights 03 Operating Environment 04 Business Areas Review 05 Non-Financial Highlights 06 Guidance & Plans 07 Appendix
Slide 3: The GTCO Story
= The GTCO Story
Slide 4: Who We Are
Who We Are We are an African financial institution, shaping the future of finance in Africa by empowering people, facilitating business growth, and developing communities on a foundation of strong governance principles. We are one of Africa’s leading financial services institutions, driven by a culture
Slide 5: Our Corporate History
IPO in 2001. Reorganized for growth into a Holding Company Structure. Universal banking license in 2001. Launched a Payment fintech in We have evolved from a pure-play Started operations in Cote 2021, followed by Wealth Management and Pension Banking franchise to become a thriving Expansion into Gamb
Slide 6: GTCO at a Glance
GTCO at a Glance GTCO is shaping the future of finance in Africa, leveraging technology and strategic partnerships to make end-to-end financial services easily accessible to individuals and businesses across the Continent. Strong market positioning and best-in-class financial metrics ₦4.46trn ₦1.231trn
Slide 7: Historical Shareholder Value Creation
Historical Shareholder Value Creation Liquid stock with consistent value appreciation Robust EPS underpinned by strong profitability GTBank Plc (pre-reorganisation to GTCO Plc) GTCO Plc EPS moderated following the issuance of c. 7bn additional shares in 2025. GTCO Share Price (NGX) EPS Trend Sustaine
Slide 8: Strong Ratings Within Peer Group
Strong Ratings Within Peer Group Best-in-Class ratings within peers at B-/B- (with both stable outlook) from Fitch and S&P respectively(1) National Rating Foreign Currency Rating Rating Agency Year Long-Term Short-Term Long-Term Short-Term Outlook Rating Rating IDR IDR 2024 AA+(nga) F1+(nga) B B Sta
Slide 9: Creating a Connected Ecosystem For Millions of Customers and Businesses
Creating a Connected Ecosystem For Millions of Customers and Businesses From Banking to Funds Management, Pensions to Payments, we are creating a connected ecosystem that makes financial solutions and services easy to access, helping people and businesses thrive through their financial journey. Guaran
Slide 10: Strategic Priorities – Diversify Earnings and Position for Transformational Growth
Strategic Priorities – Diversify Earnings and Position for Transformational Growth Proudly African, Connected Diversified Scale Truly International Unlock and leverage Deliver at scale and Elevate customer Ongoing technology Maintain global ecosystem gain market share experience with investments for
Slide 11: Resilient and Adaptive Business Model
Resilient and Adaptive Business Model We operate a proven, innovation-led model, driven by a consistent strategic framework Connected Proudly African, Diversified Scale Truly International Unwavering Well-structured lines Sound business Long-term shareholder commitment to of Businesses principles val
Slide 12: Corporate Structure and Geographic Spread
Corporate Structure and Geographic Spread GTCO comprises its principal banking franchise alongside its fast-growing non-banking businesses Guaranty Trust Holding Company Plc Guaranty Trust Guaranty Trust Guaranty Trust Bank Ltd HabariPay Funds Management Pension Managers Ltd 100% Ltd 100% Ltd 100% 1
Slide 13: Group Performance Highlights
Group Performance Highlights
Slide 14: Strong Growth in Earning Assets, Improvement in Asset Quality
Strong Growth in Earning Assets, Improvement in Asset Quality ▪ The Group recorded ₦1.231trn in PBT underpinned by strong growth in core earnings, with interest income and fee income increasing y-o-y by 23.20% and 25.88%, respectively. The PBT performance is inspite of a marked decline in fair value
Slide 15: Full Year 2025 Results in Context - Building on Core Strengths
Full Year 2025 Results in Context - Building on Core Strengths GTCO continues to post some of the best metrics in African banking and financial services Investment Gross loans & Total assets Total deposits Net loans & Total equity Securities advances advances ₦5,540.7bn ₦12,874.0bn ₦3,229.0bn ₦3,411.
Slide 16: Balance Sheet Composition – Growth in Deposit and Loans
Balance Sheet Composition – Growth in Deposit and Loans, Well-diversified Asset Base Loans, Deposits, Total Assets (₦'Bn) Components of Asset Base (₦'Bn) ▪ Total assets grew by 20.0%, largely driven by 33.6% and 12.4% growth in investment securities and the loan book, respectively. ▪ Well-diversified
Slide 17: Balance Sheet Composition – Robust Asset Mix, Resilient Funding Structure
Balance Sheet Composition – Robust Asset Mix, Resilient Funding Structure Funding Mix (₦'Bn) ▪ Total funding is anchored on a strong deposit base (72.5%), complemented by equity (19.2%), with a high-quality CASA mix of 82.6% and minimal reliance on time deposits. ▪ Equity increased by 25.8% driven b
Slide 18: PBT Trend - Anchored on Core Earnings
PBT Trend - Anchored on Core Earnings, Positioned to Sustain Strong Profitability Performance PBT (₦'Bn) Return on Average Assets & Equity ▪ The Group’s diversified income model continues to sustain performance, even as exchange rate resulted in a reduction of ₦477.8bn in fair value & derivative gain
Slide 19: Revenue Generation – Diversified Revenue Base
Revenue Generation – Diversified Revenue Base; Core Earnings Remain Very Strong ▪ Interest income up 23.2% driven by 28.1% growth in earning assets and a 290bps uplift in portfolio yield. ▪ Non-interest revenue contracted 38.4% reflecting a 72.0% decline in Other Income (fair value and derivative gain
Slide 20: Margin Metrics – Sustained Competitive Margins
Margin Metrics – Sustained Competitive Margins Yield on Interest Earning Assets Net Interest Margin Cost of Funds ▪ NIM improved to 12.30% in FY-2025 from 10.86% as of FY-2024 as yield on the earning assets portfolio increased to 14.63%, caused by increase in yields on 364-day T-Bills, FCY placement
Slide 21: Expenses Overview – Enhanced Efficiencies
Expenses Overview – Enhanced Efficiencies Overview of Expenses (₦’Bn) Cost to Income Ratio (CIR) Expense Drivers Operating Expenses (OPEX) (₦’Bn) ▪ Increased operating cost in Nigeria, West and East African regions due to sustained inflationary pressures and impact of reforms which offset gains from tra
Slide 22: OPEX - Sustaining Cost Discipline While Investing for Growth
OPEX - Sustaining Cost Discipline While Investing for Growth Group Group In billions of Naira FY 2025 FY 2024 Change (Y-o-Y) % Change (Y-o-Y) Depreciation and Amortization 89.52 58.03 31.49 54.26% AMCON Expenses 50.85 36.66 14.20 38.73% Occupancy Costs and Repairs & Maintenance 38.85 35.18 3.68 10.4
Slide 23: Risk Asset Mix - Strength in Quality
Risk Asset Mix - Strength in Quality ▪ The Group continued to maintain a well-distributed Loan book with a specific focus on asset quality across select business segments. ▪ Upstream and Natural Gas sectors contribution increased to 26.3% from 25.6%, and 14.9% from 8.9%, while Midstream and Downstrea
Slide 24: Improved Asset Quality - Strengthening Portfolio Resilience
Improved Asset Quality - Strengthening Portfolio Resilience Gross Loans Staging (₦’Bn) Loan Impairment Charge (₦’Bn) ▪ Strong Asset quality with contribution of stage 2 loans (₦69.7bn) dropping to 2.2% in FY-2025 from 2.6% in FY-2024. ▪ Impairment charges increased to ₦66.4bn, due to write off of a k
Slide 25: Asset Quality - Underpinned by Disciplined Credit Practices
Asset Quality - Underpinned by Disciplined Credit Practices and Risk Controls 150.40% 175.50% 191.10% 138.70% 106.91% ▪ The Group’s IFRS 9 stage 3 loans closed at 5.0% (Bank: 3.4%) in FY-2025 from 5.2% (Bank: 3.5%) in FY-2024. Construction and Education emerged as Sectors with the highest NPLs i.e.,
Slide 26: Strong Capital Ratio - Sustaining Robust Capital Buffers
Strong Capital Ratio - Sustaining Robust Capital Buffers Capital Adequacy Ratio (Basel II) ▪ The Group continued to maintain strong capital positions with Capital Adequacy Ratio (CAR) of 43.8%; 2800bps above the regulatory minimum of 15%, and 2700bps if adjusted for 1% loss absorbency ratio. ▪ Tier 1
Slide 27: Liquidity Ratio - Strong Liquidity Position
Liquidity Ratio - Strong Liquidity Position ▪ Liquidity ratio closed at at 56.7% in FY-2025, from 49.2% in FY-2024, well above the regulatory minimum requirement of 30%. ▪ Despite competitive pressures and regulatory CRR debits, the Group sustained a strong average liquidity ratio of 49.8% during th
Slide 28: Banking and Non-Banking Subsidiary Overview
Banking and Non-Banking Subsidiary Overview Well-integrated banking and non-banking businesses create a diversified financial services ecosystem Millions of Naira Assets Loans Total Deposit PBT FY 2025 FY 2024 % Change FY 2025 FY 2024 % Change FY 2025 FY 2024 % Change FY 2025 FY 2024 % Change Nigeria
Slide 29: Operating Environment
= Operating Environment
Slide 30: Global Currency Review
Global Currency Review Global currencies strengthened in 2025 amid broad U.S. dollar weakness. The naira gained 7.4% YoY to USD1/₦1,429, its first annual appreciation since 2012, reflecting FX reforms, tighter monetary policy, and improved inflows. The euro rose to about USD1/EUR1.15 (peaking near 1.17
Slide 31: Global Interest Rates and Inflation Highlights
Global Interest Rates and Inflation Highlights Interest Rate Inflation Rate Monetary policy eased modestly in advanced economies as growth moderated and inflation Global inflation moderated as weaker demand and lower energy costs reduced price pressures. dynamics evolved. The Bank of England and the U.S
Slide 32: Sub-Saharan Africa Interest Rates and Inflation Highlights
Sub-Saharan Africa Interest Rates and Inflation Highlights Interest Rate Inflation Rate Central banks across Sub-Saharan Africa adopted a cautious easing stance as inflation moderated. Inflation in key African economies remained generally moderate toward the end of 2025. Tanzania maintained its rate at
Slide 33: Nigeria Macroeconomic Review
Nigeria Macroeconomic Review Nigeria's headline inflation rate eased significantly to 15.15% in December 2025, from above 30% in 2024, In 2025, NTB yields declined and later stabilized by November, supported by ample following a methodological revision by the National Bureau of Statistics (NBS). The N
Slide 34: Nigeria Crude oil Production Review
Nigeria Crude oil Production Review OPEC+ increased crude oil supply through the year, adding output in mid-year and further Nigeria’s crude oil production averaged about 1.6–1.7 mbpd, supported by improved ramping up production in the second half. Despite higher supply and softer global growth outp
Slide 35: 2026 FGN Proposed Budget
2026 FGN Proposed Budget: Revenue, Expenditure, Macroeconomic Anchors and Key insights Proposed Expenditure ₦58.18 trillion Sector Composition Oil Non-Oil GOEs ₦5.4 trillion ₦3.56 trillion (9.28%) ₦12.24 trillion ₦22.10 trillion ₦4.31 trillion (6.12%) (35.4%) (64.3%) (4.6%) Defense and Security Infr
Slide 36: World Economy Outlook
World Economy Outlook Global Sub-Saharan West Africa East Africa Africa Global growth is expected to remain Growth in Sub-Saharan Africa is West Africa is expected to sustain East Africa’s GDP is projected at resilient, with real GDP projected at projected to rise to 4.6% in 2026, steady growth in 2
Slide 37: Nigerian Financial Services Regulatory Environment Overview
Nigerian Financial Services Regulatory Environment Overview Policy continuity, enhanced transparency and successful recapitalisation strengthened investor confidence and market resilience. Q1 Q2 Q3 Q4 & Q1’26 ● Launch of Nigerian Foreign ● SEC Nigeria adopt Mark-to-Market ● Revision of capital requir
Slide 38: Business Areas Review
& Business Areas Review
Slide 39: Banking
Banking
Slide 40: Strengthening the Core Banking Franchise
Strengthening the Core Banking Franchise. Proudly African, Connected Truly International Diversified Scale Obsessive Low cost operator Enhancing digital Regulatory Strengthening commitment to with robust and banking capabilities compliance and Cybersecurity and customer experience growing retail bas
Slide 41: Banking Group Performance - FY 2025
Banking Group Performance - FY 2025 Strong Pan-African Franchise with deep Footprint Across Africa’s Key Growth Markets (‘₦Bn) ▪ ₦1,209.1trn PBT, supported by steady growth in core earnings. ▪ Sustained expansion in high-quality earning assets and a low-cost, stable deposit base across banking opera
Slide 42: Business Segments Review
Business Segments Review Combining a dominant retail banking franchise with a strong presence in corporate, SME, and commercial banking. Segment Performance Wholesale & Corporate Banking: Large corporates, multinationals, N2,665.1 bn N860.2 bn major energy, telecoms, and maritime 19.1% N2,299.1 bn 8
Slide 43: Digital Banking Review - Volume
Digital Banking Review - Volume Scaling Activity Through Digital Channels GTWorld POS Bank 737 GAPS/GAPS Lite Naira Cards Dollar Cards Pay With Transfer 19.7% 7.5% 3,779.6% 47.5% 37.9% 18.1% 24.3% 630.3M 41.4M 97.4M 24.0M 631.5M 3.7M 190.1M FY 2025 FY 2025 FY 2025 FY 2025 FY 2025 FY 2025 FY 2025 533
Slide 44: Digital Banking Review - Value
Digital Banking Review - Value Robust Value Flow Across Digital Channels GTWorld POS Bank 737 GAPS/GAPS Lite Naira Cards Dollar Cards Pay With Transfer 11.4% 14.5% 0.5% 7,814.8% 168.3% 46.9% 21.1% ₦48.2tr ₦1.2tr ₦955.4bn ₦24.2tr ₦10.6tr $520.0M ₦10.4tr FY 2025 FY 2025 FY 2025 FY 2025 FY 2025 FY 2025
Slide 45: Banking Subsidiaries Overview
Banking Subsidiaries Overview - Reinforcing the Group’s Strategic Positioning across key African markets and the UK ▪ 240 branches, 18 e-branches; 14 cash centres ▪ FY 2025 Gross Earnings: N1,323.9bn (FY 2024: N1,502.1bn) Nigeria ▪ FY 2025 PBT: N871.9bn (FY 2024: N1,003.0bn ) ▪ ROAE: 27.1% (FY 2024:
Slide 46: Fund Managers
Fund Managers
Slide 47: Fast Growing Fund Management Business
Fast Growing Fund Management Business Proudly African, Connected Diversified Scale Truly International Expanding Strong driver of value Governed by Trusted to deliver Driving growth through partnerships and retention within the disciplined investment growth and value to innovation and Digital Ecosyst
Slide 48: Financial Highlights—Robust Revenue and Profitability, AUM-led growth
Financial Highlights—Robust Revenue and Profitability, AUM-led growth 87,252,272 9,021,445 102.9% 8,751,922 3.1% 43,001,204 Gross Revenue ₦’000 PBT ₦’000 ▪ Revenue and PBT growth driven by sustained AUM expansion and improved investment performance across diversified portfolios. 41
Slide 49: Financial Highlights—Strong inflows and portfolio diversification
Financial Highlights— Strong inflows and portfolio diversification 1,319.12 101.70% 653.99 AUM Growth y-o-y (₦’Bn) AUM Composition ▪ AUM growth supported by strong inflows, enhanced product offerings, and disciplined asset allocation. 42
Slide 50: Financial Highlights—Disciplined costs and improving returns
Financial Highlights—Disciplined costs and improving returns 21.70% 24.27% 60.59% 125.10% ▪ Efficient cost management reflected in a competitive cost-to-income ratio, with improving ROAE underpinned by growing scale and execution discipline. 1.20% 2.06% Return on Average Assets & Equity, CIR 43
Slide 51: Pension
Pension
Slide 52: A Digital First Approach to Building a Pension Business
A Digital First Approach to Building a Pension Business Proudly African, Connected Diversified Scale Truly International Unlocking and Redefining Pension for Making Retirement Optimising Investment leveraging ecosystem Building Talent and a New Generation of Planning Work for Every performance across
Slide 53: Financial Highlights—Steady Revenue & PBT
Financial Highlights—Steady Revenue & PBT, driven by recurring contributions 4,088,206 1,703,437 1,562,990 31.05% 3,119,649 9.0% Operating Income (₦’000) PBT (₦’000) ▪ Revenue and PBT growth supported by steady contributions and consistent AUM accretion from strong client retention. 45
Slide 54: Financial Highlights—Consistent inflows and long-term positioning
Financial Highlights—Consistent inflows and long-term positioning 151.1 46.25% 33% 103.3 38% 111.66% 48.8 67% 62% AUM Growth y-o-y (₦’Bn) AUM Composition ▪ AUM growth driven by recurring inflows and long-term investment strategies aligned with regulatory frameworks. 46
Slide 55: Financial Highlights—Efficient cost management and capital strength
Financial Highlights—Efficient cost management and capital strength 58.33% 49.90% 11.70% ▪ Strong operating leverage reflected in sustained cost 11.77% efficiency and stable ROAE and ROAA, supported by prudent portfolio management. 11.36% 11.45% Return on Average Assets & Equity, CIR 47
Slide 56: Payment Fintech
Payment Fintech
Slide 57: Differentiated Fintech Positioning – Best-in-Class Payment Solutions
Differentiated Fintech Positioning – Best-in-Class Payment Solutions That Help Businesses Grow s Sw v ice itc - Airtime and SMS er hi ng - Cards (POS/Web/ATM) - Biller API dS Se - Transfers de rv - Short code services (USSD) e Ad ice lu s Va Onl - Payment modal ne P i - Transaction processing POS - S
Slide 58: Financial Highlights—Scalable infrastructure and growing adoption
Financial Highlights—Scalable infrastructure and growing adoption 13,019,296 9,865,547 95.6% 127.15% 6,655,532 4,343,108 Gross Revenue (₦’000) EBITDA (₦’000) ▪ Revenue and EBITDA growth were driven by rising TPV, reflecting increased merchant and consumer adoption across the ecosystem, supported by s
Slide 59: Merchant Acquisition and TPV Growth
Merchant Acquisition and TPV Growth Accelerating momentum driven by rapid onboarding and expanding transaction volumes 80,877,952,982 6,697,020 51,767,088 182.2% 195.4% 1898.7% 2,373,293 27,376,627,565 2,589,974 Switching and Processing ₦’000 Gateway & Switching ₦’000 International Payments ($) Reve
Slide 60: Efficiency & Scale—Best-in-class operating efficiency
Efficiency & Scale—Best-in-class operating efficiency and scalable growth driven by rapid platform expansion. 24.2% 34.7% 70.2% ▪ Improved operating metrics, with declining cost-to-income ratio and expanding returns, reflecting 48.2% broader ecosystem efficiency gains and platform scalability. 66.5% 43.9%
Slide 61: Non-Financial Highlights
Non-Financial Highlights Sustained impact through strategic CSR initiatives Waste for Gas Project - Owode LGA Another 1st… Improving quality of life 1st Financial Services Institution in for households. West Africa to Achieve Listing and Trading of its Ordinary Shares on the London Stock Exchange. N
Slide 62: Guidance and Plans
Guidance and Plans FY 2025 FY 2026 Guidance PBT N1.231.1 tn N1.400.00 tn Deposit Growth 23.77% 40.00% Loan Growth 12.44% 25.00% Coverage (with Reg. Risk Reserve) 106.91% 100.00% Cost of Risk 2.16% 1.00% NPL to Total Loans 4.97% 4.00% Return on Average Assets (post-tax) 5.32% 5.00% Return on Average
Slide 63: Disclaimer
Disclaimer This presentation is based on Guaranty Trust Holding Company Plc (“GTCO” or the “Group”)’s audited consolidated financial results for the period ended December 31, 2025, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Account
Slide 64: Thank You
a . Thank You EUROMONEY EURUMUNEY ‘AWARDS FOR EXCELLENCE
Slide 65: Appendix
E Appendix
Slide 66: Balance Sheet Snapshot - Group
Balance Sheet Snapshot - Group Selected data, for full year 2025 y-o-y change In millions of Nigerian Naira Dec-25 Dec-24 (%) Assets Cash and bank balances 5,456,595 4,673,048 16.8% Financial assets held at fair value through profit or loss 166,889 59,602 180.0% Derivative financial assets 204 - - Inv
Slide 67: Income Statement Snapshot - Group
Income Statement Snapshot - Group Selected data, for full year 2025 y-o-y change In millions of Nigerian Naira Dec-25 Dec-24 (%) Revenue Net interest income 1,260,587 1,058,587 19.1% Loan impairment charges (66,424) (136,662) -51.4% Net fee and commission income 244,390 189,711 28.8% Net gains on fin
Slide 68: Key Performance Ratios
Key Performance Ratios The Group continues to post one of the best metrics in the Nigerian Financial Services Industry Dec 31, 2025 Dec 31, 2024 Net Interest Margin 12.32% 10.86% Cost to Income Ratio 27.86% 24.14% Capital Adequacy Ratio 43.82% 39.31% Liquidity Ratio 56.68% 49.19% Loans to Deposits a
Guaranty Trust Holding Company — FY2025 Earnings Presentation on 6ix