GTCO stock was unchanged at NGN 132.50 as H1 deposits rose 10.3 percent

Published on 10/08/2026 at 01:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

GTCO stock's first-half profit after tax fell 7.8 percent through June 30, 2026. Customer deposits reached NGN 14.19 trillion, up 10.3 percent from December 2025.

GTCO, NGGTCO000002, Illustration mit AI erstellt.

GTCO stock (ISIN NGGTCO000002) was unchanged at NGN 132.50 on the Nigerian Exchange at 9:42 a.m. WAT on October 7, 2026. The half-year numbers behind the quote showed profit after tax falling 7.8 percent to NGN 414.2 billion, while customer deposits rose 10.3 percent to NGN 14.19 trillion from December 2025.

Profit growth met a tax squeeze

According to The Government and Business Journal on September 29, 2026, gross earnings increased 3.2 percent to NGN 1.107 trillion in the six months ended June 30, 2026, while net interest income rose 2.7 percent to NGN 649.6 billion.

The earnings conversion was weaker. Profit before income tax edged up 0.4 percent to NGN 603.0 billion, but income tax expense jumped 24.3 percent to NGN 188.85 billion and net fee and commission income fell 9.0 percent to NGN 123.03 billion, according to The Government and Business Journal.

Deposits outpaced the loan book

Punch reported on September 30, 2026, that GTCO's total assets reached NGN 18.6 trillion by June 30, 2026, while the net loan book increased 0.5 percent from NGN 3.13 trillion in December 2025 to NGN 3.15 trillion.

The contrast matters for the second half of 2026: deposits expanded by 10.3 percent, but lending grew by 0.5 percent. Credit costs improved as cost of risk declined to 0.6 percent from 2.2 percent, although the same period also included a NGN 46.2 billion fair-value loss that restrained pre-tax profit growth.

Consensus target remains above the quote

According to Investing.com, four analysts give GTCO a Buy consensus and an average 12-month price target of NGN 157.86. The high target is NGN 168.44 and the low target is NGN 147.39, placing the average target 19.14 percent above NGN 132.50.

That consensus sits beside a mixed operating picture: stronger interest income, deposit growth and lower impairment charges supported the franchise, while taxes and fee income reduced the amount reaching shareholders. The market is therefore weighing balance-sheet expansion against weaker bottom-line earnings.

NGX quote and investor dates

GTCO was last at NGN 132.50 on October 7, 2026, with a market capitalization of NGN 4.8 trillion. The 52-week range was NGN 77.50 to NGN 156.95, leaving the share below its yearly high while keeping the latest quote above the midpoint of that range.

Nairametrics reported on October 7, 2026, that shareholders on the register by October 12, 2026, qualify for GTCO's NGN 1 interim dividend, with payment scheduled for October 20, 2026.