Slides
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Investor Presentation … a Diversified Financial Services Group Banking Fund Managers Pension Managers Payments FY 2025
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02 01 03 04 05 06 The GTCO Story Group Performance Highlights Operating Environment Business Areas Review Non-Financial Highlights Guidance & Plans Outline Appendix 07
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The GTCO Story
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Who We Are Vision To be Africa’s leading financial services institution. Mission To make end-to-end financial services easily accessible to every African and businesses by leveraging technology and strategic partnerships. 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 of excellence, innovation, and integrity. We exist to offer brighter opportunities for individuals, businesses, and our communities. We believe that financial services should be simple, accessible, and transformative—empowering people to achieve their dreams and businesses to reach new heights. 1
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2001 - 2010 2021 - Date 2011-2020 Guaranty Trust Bank commenced operations in 1991. Capital of ₦20mm ($2mm) and 42 carefully selected investors. Committed to building a Bank grounded in professionalism, continuous learning, service excellence, and the highest standards of ethics and integrity. Listed on the Nigerian Stock Exchange in 1996. Strong market share in all viable business segments. Case studies written on the Bank by Harvard Business School and Cranfield Business School. IPO in 2001. Universal banking license in 2001. Expansion into Gambia, Sierra Leone (2001). Follow on Public offering in June 2004, resulting in capitalisation of over ₦33bn. Adopted new logo and implemented retail strategy. Expansion into Ghana (2004), UK (2006) and Liberia (2007). Accessed International Capital Markets to raise $350mm via Eurobonds, and $824mm via GDRs. 1st to list GDRs on London Stock Exchange, achieving dual-listed status. 1996-2000 Started operations in Cote d’Ivoire (2012). US$400million Eurobond successfully raised in 2013. Expansion into Kenya, Uganda and Rwanda in 2013. GTBank continues to be the most profitable amongst Nigerian Banks. Over 350 branches collectively in ten countries. Started operations in Tanzania in 2018. Reorganized for growth into a Holding Company Structure. Launched a Payment fintech in 2021, followed by Wealth Management and Pension Management verticals in 2022. Fresh capital injection funded through a successful two-phased equity capital raise programme comprising an international offering ($105mm) on the LSE and a public offering in Nigeria (₦209bn raised). 1st financial services institution in West Africa to achieve listing and trading of its ordinary shares on the London Stock Exchange (LSE). The Beginning Market Recognition Growth & Visibility Top Tier Status Financial Services Group “…a local business success story” - Harvard Business School We have evolved from a pure-play Banking franchise to become a thriving Financial Holding Company serving millions of customers in multiple African countries and the UK. …Our Corporate History 1990 - 1995 2
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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. Diversified Group spanning Banking and Non-Banking Business Verticals Strong market positioning and best-in-class financial metrics (1)As at Apr-02-2026. ₦4.46trn Market Cap.(1) ₦1.231trn Profit Before Tax 11 Countries ₦17.76trn Total Assets 43.82% Capital Adequacy Ratio 27.86% Cost-to-Income Ratio 3
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EPS moderated following the issuance of c. 7bn additional shares in 2025. Strong returns sustained on an expanded capital base. GTBank Plc (pre-reorganisation to GTCO Plc) Robust EPS underpinned by strong profitability Sustained profitability and efficient use of shareholders equity Record dividend payout GTCO PlcGTBank Plc (pre-reorganisation to GTCO Plc) Liquid stock with consistent value appreciation Historical Shareholder Value Creation GTCO PlcGTBank Plc (pre-reorganisation to GTCO Plc) 4 ROAE Trend Dividend History EPS Trend GTCO Share Price (NGX) GTCO Plc
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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) Note: (1) Ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or make any investment decisions. Ratings may be changed, suspended, or withdrawn at any time by the assigning rating agency. Rating Agency Year National Rating Foreign Currency Rating Long-Term Rating Short-Term Rating Long-Term IDR Short-Term IDR Outlook 2024 AA+(nga) F1+(nga) B B Stable 2023 AA(nga) F1+(nga) B- B Stable 2022 AA(nga) F1+(nga) B- B Stable Rating Agency Year Issuer Credit Rating Nigeria National Scale 2024 B-/Stable/B ngBBB+/--/ngA-2 2023 B-/Stable/B ngBBB+/--/ngA-2 2022 B-/Stable/B ngBBB/--/ngA-2 5
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Banking Fund Managers Pension Managers Payment Fintech Branch Mobile Social Call Centre Web & Internet Digital Solutions Platforms Guaranty Trust Bank - Account services - Deposits - Loans and advances - Treasury & cash mgt - Card products - Bills payment - e-collections - Remittances - Trade services - Agent Banking - ATM Guaranty Trust Fund Managers - Mutual funds - Portfolio management - Alternative investments - Dollar fund - Insights - Advisory HabariPay - Switching & processing - Payment gateway - ecommerce - POS services - API & embedded finance - Value Added Services (VAS) Guaranty Trust Pension Managers - Retirement savings account - Annuity & payment administration - Corporate pension scheme - Financial planning - Retirement advisory - Micro pension 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. Creating a Connected Ecosystem For Millions of Customers and Businesses 6
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Strategic Priorities – Diversify Earnings and Position for Transformational Growth Connected Proudly African, Truly International Diversified Scale Unlock and leverage ecosystem collaborations Maintain global relevance while staying true to our heritage Deliver at scale and gain market share through strategic partnerships Elevate customer experience with data-driven insights Ongoing technology investments for enhanced operational efficiency Market leading performance | Strong, healthy, well-diversified balance sheet | Consistent strong performance supported by core earning lines growth 7
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We operate a proven, innovation-led model, driven by a consistent strategic framework Connected Proudly African, Truly International Diversified Scale Well-structured lines of Businesses Sound business principles Long-term shareholder value Unwavering commitment to Enriching Lives ● Comprehensive suite of financial products and services to serve customers through every life stage ● Obsessive commitment to Great Customer Experiences ● Focus on innovation and safety ● Strong brand ● Conservative ● Healthy, well-structured balance sheet ● Strong risk management and controls ● Operational resilience ● Strong governance ● Empowered employees ● Sustainable revenue growth while maintaining cost discipline ● Strong capital position and competitive returns ● Diversified income streams ● Commitment to dividend payout ratio ● Transparent reporting and investor confidence ● Serving millions of diverse customers ● Integrating sustainable practices into operating principles ● Invested in community development - Promoting Enterprise, supporting education, art, healthcare and the environment ● Financial inclusion initiatives Resilient and Adaptive Business Model 8
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GTCO comprises its principal banking franchise alongside its fast-growing non-banking businesses Corporate Structure and Geographic Spread Guaranty Trust Holding Company Plc Guaranty Trust Bank Ltd 100% Guaranty Trust Funds Management Ltd 100% Guaranty Trust Pension Managers Ltd 100% HabariPay Ltd 100% Guaranty Trust Bank (United Kingdom) Limited 100% Guaranty Trust Bank (Cote D’Ivoire) Limited 100% Guaranty Trust Bank (Liberia) Limited 99.43% Guaranty Trust Bank (Ghana) Limited 98.32% Guaranty Trust Bank (Sierra Leone) Limited 83.74% Guaranty Trust Bank (Gambia) Limited 77.81% Guaranty Trust Bank (Tanzania) Limited 76.20% Guaranty Trust Bank (Kenya) Limited 100.00% Guaranty Trust Bank (Uganda) Limited 70.00% Guaranty Trust Bank (Rwanda) Limited 67.20% Kenya Estd. 2013 9 branches Tanzania Estd. 2017 1 branch Rwanda Estd. 2013 14 branches Uganda Estd. 2013 7 branches Gambia Estd. 2002, 14 branches & 1 e-branch Sierra Leone Estd. 2002 16 branches Liberia Estd. 2009 11 branches Nigeria (Estd. 1990) 240 branches, 18 e-branches, 14 cash centres Cote D’Ivoire Estd. 2012 4 branches Ghana Estd. 2006 40 branches UK Estd. 2008 1 branch Greater strategic flexibility Better positioning to deal with emerging competition such as fintechs and payment service banks More efficient management structure with the HoldCo having the responsibility of assessing strategic initiatives and allocation of capital for the overall benefit of the Group Flexibility to build full scale beyond the banking ecosystem Indirect Subsidiaries Geographic Presence HoldCo Benefits Opportunity for diversification of the Group’s revenues 9
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Group Performance Highlights
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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 and derivative gains of ₦477.8bn posted in FY-2024, which did not recur in 2025. ▪ In specific terms, the Group grew interest income on placement, fixed income securities, and loans by 9.85%, 22.51%, and 34.82% respectively. ▪ Achieved growth on all core revenue lines from Banking, Fund Management, Pension and Payment business verticals. ▪ Strong growth in earning assets and deposit volumes of Banking Verticals and AUM of Non-Banking Entities with earnings capacity improving to 71.8% from 67.2% in FY-2024, ▪ Cost to Income ratio remained low at 27.90%. Growth in operating expenses of 17.90% (in line with inflation levels in the operating environment) absorbed by strong growth in earnings. ▪ Progressive improvement in asset quality with Stage 1 and 2 Loans accounting for 92.9% and 2.2% of the gross loans respectively. ▪ Robust Capital and strong Liquidity position. ▪ ROA of 5.3% and ROE closed at 28.3%. ▪ EPS remained impressive, closing at ₦25.4 per share. ▪ 59.1% y-o-y growth in share price (₦90.70 vs ₦57.00 per share). ₦1,209.1bn PBT Funded primarily from equity and deposits which grew by 24%, a testament to earnings quality and brand equity. Banking Fund Managers ₦9.0bn PBT Recorded y-o-y growth of 101.7% in AUM. Payments ₦9.7bn PBT Y-o-Y growth of 195.43% in TPV. ₦1.7bn PBT Y-o-Y growth of 46.25% in AUM. Pension Managers 10
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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 Total assets ₦17,761.2bn +20.0% YoY Gross loans & advances ₦3,229.0bn +10.6% YoY Net loans & advances ₦3,132.3bn +12.4% YoY Total deposits ₦12,874.0bn +23.5% YoY Investment Securities ₦5,540.7bn +33.6% YoY PBT ₦1,231.1bn -2.8% Y-o-Y Cost to Income 27.86% +3.7% NPL 4.97% -0.2% Coverage Ratio (with Reg Risk Reserve) 106.91% -31.8% RoAA 5.32% NB: Percentage Change without YOY represents absolute change with respect to FY 2024 -3.0% RoAE 28.28% -20.3% 43.82% +4.5% Capital Adequacy Liquidity Ratio 58.68% +9.5% Loans/Deposit Ratio 24.32% -2.5% Net Interest Margin 12.30% +1.4% PAT ₦865.7bn -14.9% Y-o-Y 11 Fees & commission 278.6bn +25.9% YoY Total equity ₦3,411.4bn +25.8% YoY
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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 asset base structure across all the Group’s business verticals with loans accounting for 17.6%, a pointer to future opportunities for growth; investment securities - 31.2%, cash & cash equivalent - 30.7%, a further indication of the Group’s strong liquidity position and robust earning capacity. 12
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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 by strong profitability, with profit after tax of ₦865.7bn. ▪ Local borrowings declined by 73.5%, reflecting the full repayment of obligations under a cross-currency swap arrangement. ▪ The Group maintains a disciplined funding strategy with strong placement positions with investment grade Banks and no FCY denominated borrowings. 13
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▪ 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 gains following the 6.5% appreciation of the Naira against USD (₦1,435.76 vs ₦1,535.00). Bank Nigeria operations accounting for 67.85% of PBT, West Africa: 28.14%, East Africa: 0.89%, UK: 1.46%, and Non-Banking Businesses: 1.66%. ▪ Strong growth across all income lines; net interest income up by 19.1% (₦202.0bn), net fee & commission also grew 28.8% (₦54.7bn) offsetting OPEX increase of 17.9% (₦72.3bn). ▪ ROAE and ROAA of 28.3% and 5.3%, respectively. PBT (₦'Bn) PBT Trend - Anchored on Core Earnings, Positioned to Sustain Strong Profitability Performance Return on Average Assets & Equity 14
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Revenue Generation – Diversified Revenue Base; Core Earnings Remain Very Strong Interest Income Mix (₦’Bn) Interest Income (₦’Bn) Non-Interest Income Mix (₦’Bn) ▪ 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 gains), which offset strong momentum in Fees and Commissions from increased transactional volumes across both Banking and Non-Banking verticals. Revenue Trend (₦’Bn) 15
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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 and Loans. ▪ Cost of funds closed 2.1% on account of intense competition amongst players in Financial Institutions, the Group’s low-cost deposit base 82.6% (Bank: 97.1%) curtailed growth to 42bps. 16
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Expenses Overview – Enhanced Efficiencies Cost to Income Ratio (CIR)Overview of Expenses (₦’Bn) Operating Expenses (OPEX) (₦’Bn)Expense Drivers ▪ Increased operating cost in Nigeria, West and East African regions due to sustained inflationary pressures and impact of reforms which offset gains from translation of subsidiary OPEX to Naira on the back of exchange rate stability. ▪ Deposit and Total Asset growth also caused marked increase in regulatory cost. ▪ The 38.6% growth in interest expense was driven by volume expansion and increase in cost of funds (CoF) from 1.68% in FY-2024 to 2.10% in FY-2025. ▪ Robust net revenue growth and efficient cost strategy kept the cost-to-income ratio below 30%, closing at 27.86%. 17
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OPEX - Sustaining Cost Discipline While Investing for Growth OPEX Drivers The Group recorded 17.9% growth in OPEX from ₦403.0bn in FY-2024 to ₦475.4bn in FY-2025 with non-controllable cost mix increasing to 16.3% of the total operating expenses in FY-2025 from 14.5% in FY-2024. The key Opex growth drivers are as follows: a. Increase Depreciation and Amortization Costs grew by 54.3% due to increased Depreciation and amortization expencense associated with Capital spend undertaken on Core Banking application upgrade and branch development to improve service delivery and position for growth and business expansion, principally, the Group IT Cost and PPE recorded marked increase. b. Increase in regulatory charges - AMCON levy and Deposit Insurance Premium. AMCON levy increased by 38.7% (₦50.9bn vs ₦36.7bn) due to growth in prior year total Asset and contingents base (₦10.17tn vs ₦7.33tn). Also, Deposit insurance premium charge increased by 20.6% (₦26.4bn vs ₦21.9bn) due to a 17.8% increase in underlying Customers’ deposit volume (₦6.19tn vs ₦5.26tn). c. 10.5% growth in occupancy costs and repairs & maintenance (₦38.9bn vs ₦35.2bn), driven by lagged impact of inflation and exchange rate on price movement expecially increase in price of diesel, fuel, power and general maintenance costs as well ground and water rates imposed by relevant Government agencies. d. 12.5% decline in technological and service related expenses to ₦77.1bn in FY-2025 vs ₦88.0bn in FY-2024, reflected the stronger impact of Naira appreciation against the USD during translation of the Subsidiaries’ OPEX numbers from their original currency to Naira. e. 18.3% growth in Personnel expenses (₦101.0bn vs ₦85.4bn) resulted from the full weight impact in FY-2025 of the increases in salaries of Core and non-Core employees done in FY-2024 to cushion the impact of rising cost of living for employees across the Group’s Banking and non-Banking entities. 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 10.46% Deposit Insurance Premium 26.45 21.93 4.52 20.63% Customer Service Related Expenses 2.74 2.15 0.24 9.45% Technological and Service Related Expenses 77.09 88.04 -10.94 -12.43% Advert, Promotion and Corporate Gifts 20.02 17.42 2.60 14.91% Personnel Expense 101.05 85.40 15.65 18.32% 18
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Risk Asset Mix - Strength in Quality Gross Loans by Industry * Includes Fashion & Design, Religious Organizations, Hospitality, Clubs, co-operative societies, Unions, Engineering services, etc. Upstream Oil and Gas 25.57%26.34% Manufacturing 20.99%13.95% Midstream Oil and Gas 8.91% 6.89% Individual 8.32% 9.0% Information, Telecoms. and Transport. 6.94%11.39% Government 1.52%3.47% Others* 1.30%1.63% Agriculture 8.37%6.72% Capital Market and Fin. Institutions 0.72%0.09% General Commerce 2.27%4.32% Construction and Real Estate 1.48%0.11% Downstream Oil and Gas 4.57%1.11% Natural Gas 8.88%14.86% December 31, 2025 December 31, 2024 Education 0.06% 0.07% ▪ 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 Downstream sectors dropped to 6.9% & 1.1% from 8.9% and 4.6% in FY-2025 and FY-2024, respectively. ▪ Contributions of the Manufacturing sector closed at 14.0%, Information, Telecoms, and Transport also closed at 11.4% and Agriculture at 6.7%. Please see the chart below for further details on contributions from other sectors. 19
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Improved Asset Quality - Strengthening Portfolio Resilience ▪ 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 key oil & gas exposure, consistent with the Group’s conservative risk management framework. ▪ Stage 3 exposures grew marginally by ₦9.3bn to N160.5bn causing the Group’s NPL to close at 5.0% (Bank-3.4%). ▪ NPL coverage remained strong at 60.3% (106.9% with regulatory risk reserve). Gross Loans Staging (₦’Bn) Loan Impairment Charge (₦’Bn) 20
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Asset Quality - Underpinned by Disciplined Credit Practices and Risk Controls NPL by Currency Ratio ▪ 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., 97.6% and 42.3%, respectively. ▪ IFRS 9 stage 3 loans grew to ₦160.5bn in FY-2025 from ₦151.2bn in FY-2024, largely due to accrued interest on some of the names in the Education and Other Sector space. The Group continued to deleverage its loan book in Nigeria, Ghana, and Kenya. ▪ IFRS 9 balance sheet impairment allowance for stage 3/lifetime credit impaired exposures closed at ₦73.7bn in FY-2025 from ₦87.4bn in FY-2024 representing 45.9% coverage of loans in this classification. NPL by Industry 21 Coverage ratio 150.40% 175.50% 191.10% 138.70% 106.91%
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Strong Capital Ratio - Sustaining Robust Capital Buffers ▪ 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 capital remained a very significant component of the Group’s CAR closing at 39.5%, representing 90.1% of the Group’s CAR of 43.8%. ▪ Strong Capital generation and robust capital position provides the Group with the needed headroom required for future expansion and risk-taking. Regulatory Capital (Group) - Tier 1 & 2 (₦'Bn) Capital Adequacy Computation (Basel II) Group In Millions of Naira Full Impact Dec-25 Dec-24 Net Tier 1 Capital 2,651,962 2,023,756 Net Tier 2 Capital 291,291 188,374 Total Regulatory Capital 2,943,254 2,212,130 Risk Weighted Assets for: Credit Risk 4,570,271 4,756,564 Operational Risk 2,129,024 838,213 Market Risk 17,365 23,956 Aggregate Risk Weighted Assets 6,716,661 5,627,733 Capital Adequacy Ratio: Tier 1 Risk Weighted 39.48% 35.96% Tier 2 Risk Weighted 4.43% 3.35% Total Risk Weighted Capital Ratio 43.82% 39.31% Capital Adequacy Ratio (Basel II) 22
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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 the period under review. 23
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*The sum of the figures of the individual countries does not equal to the Grand Totals due to elimination entries Banking and Non-Banking Subsidiary Overview Assets FY 2025 FY 2024 % Change 10,669,591 9,665,836 10% 2,946,982 1,596,158 85% 735,828 544,495 35% 552,632 490,288 13% 392,432 334,243 17% 235,511 229,487 3% 600,742 646,040 -7% 45,208 43,992 3% 1,127,803 1,124,665 0.3% 880,064 516,459 70% 15,252 14,252 10% 18,975 10,975 67% 17,761,152 14,795,707 20% Loans FY 2025 FY 2024 % Change 2,104,051 2,067,354 2% 502,417 268,786 87% 73,253 44,463 65% 143,095 142,330 1% 26,867 34,167 -21% 2,913 9,229 68% 84,070 87,309 -4% 9,488 10,862 -13% 186,146 121,253 54% - - - - - - 3,132,299 2,785,752 12% Total Deposit FY 2025 FY 2024 % Change 7,060,243 6,201,956 14% 2,513,263 1,330,451 89% 418,423 422,367 -1% 488,907 428,314 14% 299,483 277,716 8% 152,236 161,878 -6% 435,394 417,385 4% 34,463 31,148 11% 996,132 1,001,170 -1% 858,240 503,979 70% - - - - - - 12,874,041 10,401,442 24% PBT FY 2025 FY 2024 % Change 871,918 1,003,044 -13% 196,078 118,960 65% 47,288 38,886 22% 32,668 23,740 38% 33,980 26,891 26% 36,406 24,264 50% 11,109 19,588 -43% -149 -1,122 87% 17,942 21,936 -18% 9,021 8,752 3% 1,703 1,563 9% 9,742 4,219 131% 1,231,081 1,266,246 -3% Millions of Naira Nigeria Ghana Côte d’Ivoire Liberia Gambia Sierra Leone Kenya Group Tanzania United Kingdom Fund Managers Pension Managers Habari Pay * Grand Total % Contribution of Subsidiaries to Group Loans Deposits PBT United Kingdom East Africa *West Africa (ex. Nigeria) N748.54 billion Loans N3,872.31 billion Deposits N346.42 billion PBT N93.56 billion Loans N469.86 billion Deposits N10.96 billion PBT N186.15 billion Loans N996.13 billion Deposits N17.94 billion PBT *Non-Banking Subsidiaries N0.00 billion Loans N858.24 billion Deposits N20.47 billion PBT 23.9% West AfricaEast Africa UKNon-Banking Subsidiaries Well-integrated banking and non-banking businesses create a diversified financial services ecosystem Bank Nigeria 30.1% 28.1% 3.0% 3.6% 0.9% 5.9% 7.7% 1.5% 0.0% 6.7% 1.7% 24
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Operating Environment
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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), supported by a softer dollar, while the South African rand appreciated over 11% to USD1/ZAR16.57 on improved inflation prospects and strong commodity prices. The DXY fell more than 9%, its weakest showing since 2017, while the Ghanaian cedi surged about 41%, one of the strongest global performances, aided by macro stabilization and investor confidence. Source: Bloomberg, GTCO IR analysis East Africa UK, Eurozone, & China West Africa 25
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Global Interest Rates and Inflation Highlights Interest Rate Monetary policy eased modestly in advanced economies as growth moderated and inflation dynamics evolved. The Bank of England and the U.S. Federal Reserve each cut rates to 3.75%, while the ECB maintained its key rate at 2.15% amid slightly elevated inflation. In emerging markets, policy remained cautious, with China keeping its loan prime rates unchanged at 3.0% and 3.5%. Inflation Rate Global inflation moderated as weaker demand and lower energy costs reduced price pressures. In advanced economies, inflation moved closer to targets, with U.S. headline and core inflation at 2.7% and 2.6%, respectively, while euro area inflation returned to the ECB’s 2.0% target and UK inflation slowed to 3.2%. Inflation also remained subdued across emerging markets, with China ending the year at 0.8% amid weak domestic demand. Source: Bloomberg, GTCO IR analysis 26
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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. Tanzania maintained its rate at 5.75% Ghana reduced its rate to 18% as inflation declined to 8%, while Côte d’Ivoire and the Gambia held policy rates steady at 5.5% and 17% respectively, reflecting broadly stable macro conditions. Kenya also eased policy to 9%, with inflation anchored at 4.5%, while Liberia maintained a measured stance in line with its ongoing stabilisation efforts. Inflation in key African economies remained generally moderate toward the end of 2025. Kenya’s inflation held at 4.5%, below the policy midpoint, while Tanzania, Uganda and Rwanda continued to record stable, low single-digit inflation, reflecting effective monetary policy and easing price pressures. Ghana recorded the sharpest disinflation, with inflation falling to 5.4%, its lowest level since 2022. Source: Bloomberg, GTCO IR analysis 27
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January 2025 saw a decline to 27.6% from 34.8% in December 2024, following the rebasing of the inflation index. Nigeria Macroeconomic Review Nigeria's headline inflation rate eased significantly to 15.15% in December 2025, from above 30% in 2024, following a methodological revision by the National Bureau of Statistics (NBS). The NBS shifted the base year from 2009 to 2024 to better reflect consumer spending. The MPR was held at 27.50% before a slight cut to 27.00% in September, alongside adjustments to the corridor and CRR. The sharp decline also reflects CPI rebasing to a 2024 base year using a 12-month average, which helped smooth base effects. The economy grew in 2025, with real GDP rising to 3.89% from 3.38% in 2024, supported by structural reforms and improved performance across oil and non-oil sectors. Growth was driven by higher crude oil output, aided by enhanced security around oil assets, alongside sustained reforms and increased sector investment. 2019 base year The naira closed 2025 at ₦1,429/$1, appreciating 7.4% YoY and recording its first annual gain since 2012. After weakening to ₦1,602/$1 in April, the currency rebounded from May, with momentum strengthening in Q4 and sustained through year-end. The turnaround reflects the impact of CBN FX reforms, tighter monetary policy, improved FX inflows, and reduced speculative demand. Source: Bloomberg, GTCO IR analysis In 2025, NTB yields declined and later stabilized by November, supported by ample liquidity, easing inflation, and supportive CBN/DMO actions. The DMO issued ₦13.00tn YTD across 24 auctions, yields fell sharply across tenors, and strong demand persisted alongside ₦32.51tn in OMO sales, sustaining bullish fixed-income sentiment. 28
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Nigeria Crude oil Production Review Source: Bloomberg, GTCO IR analysis OPEC+ increased crude oil supply through the year, adding output in mid-year and further ramping up production in the second half. Despite higher supply and softer global growth following U.S. tariff hikes, crude prices remained resilient, supported by supply disruptions from sanctions on Russian and Iranian oil. For the year, Brent crude averaged $68.16 per barrel, while WTI averaged $64.96 per barrel, with geopolitical constraints offsetting the impact of increased OPEC+ output and weaker demand. Brent Crude Oil Price ($) Oil Production Trend (Million Barrel Per Day) Nigeria’s crude oil production averaged about 1.6–1.7 mbpd, supported by improved output from major terminals and enhanced security in the Niger Delta, but declined toward year-end. Output remained well below the 2.12 mbpd budget benchmark, while crude-only production averaged around 1.51 mbpd, slightly above OPEC’s 1.5 mbpd quota. With production and oil prices below the $75/barrel budget assumption, the Federal Government is likely to face challenges meeting its 2025 oil revenue targets. CBN Foreign Reserve ($ Billion) Nigeria’s foreign exchange reserves strengthened year-on-year, rising to $45.0 billion in December 2025 from $40.88 billion in December 2024. The increase was driven by higher FX inflows from oil exports, portfolio investments, and diaspora remittances, alongside lower FX demand and reduced CBN market interventions, which supported sustained reserve accumulation over the year. 29
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Proposed Revenue ₦34.33 trillion Sector Composition ₦5.4 trillion (9.28%) Defense and Security Infrastructure ₦3.56 trillion (6.12%) ₦3.52 trillion (6.05%) Education ₦2.48 trillion (4.26%) Health 2026 FGN Proposed Budget: Revenue, Expenditure, Macroeconomic Anchors and Key insights Macroeconomic Anchors 01 Exchange Rate 1400/$ 02 Oil Price $64.85 pb 03 Oil Production 1.84 Mbps 04 GDP Growth 4.68% Proposed Expenditure ₦58.18 trillion ₦12.24 trillion (35.4%) Oil ₦22.10 trillion (64.3%) Non-Oil ₦4.31 trillion (4.6%) GOEs ₦15.25 trillion (35.6%) Recurrent Non-Debt ₦15.5 trillion (26.2%) Debt Service ₦26.08 trillion (44.8%) Capital expenditure ₦3.2 trillion (5.5%) Statutory transfer ₦0.4 trillion (0.7%) Sinking Fund Debt service and recurrent spending will consume 52.9% of 2026 expenditure, with rigid wage and pension costs limiting fiscal flexibility. While capital spending is budgeted at ₦26.08trn, execution risks may weaken its impact. Non-oil sources lead revenue at ₦34.33trn (64.3%), while oil remains secondary. The ₦23.85trn deficit will be funded mainly through domestic borrowing and stronger revenue enforcement. 30
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World Economy Outlook Global growth is expected to remain resilient, with real GDP projected at around 3.3% in 2026, supported by technology investment, accommodative financial conditions and fiscal support. Inflation is projected to ease to about 3.8%, though the pace of disinflation remains uneven, with some advanced economies facing more persistent pressures. This outlook reflects a balance of supportive factors, including policy accommodation and sustained investment momentum, alongside headwinds from geopolitical uncertainty, evolving trade dynamics and structural shifts that could moderate global expansion. Growth in Sub-Saharan Africa is projected to rise to 4.6% in 2026, supported by ongoing reforms that are easing inflation and FX pressures. Median inflation has moderated and is expected to stabilise around 3.9–4.0%, reflecting softer commodity prices and easing monetary conditions. The outlook is tempered by global geopolitical risks and trade fragmentation, which continue to affect capital flows, commodity markets and external financing. Monetary policy is therefore expected to ease gradually or remain cautious, with country-level variation driven by domestic conditions and policy priorities. East Africa’s GDP is projected at around 5.8%, outpacing the Sub-Saharan average, supported by macro stability, services expansion and investment activity. Kenya anchors regional growth, driven by resilient demand, easing monetary conditions and stronger inflows. Ethiopia is recovering on the back of reforms and improving stability, while Tanzania maintains steady growth through sustained infrastructure and energy investment. While fundamentals are strengthening, external risks remain a key constraint on trade flows, investment activity and overall market sentiment. Global Sub-Saharan Africa East Africa West Africa West Africa is expected to sustain steady growth in 2026, with regional GDP projected at 4.2–4.4%, supported by reforms, infrastructure investment and resilient demand. Nigeria is projected to grow by 4.4–4.5% on the back of ongoing reforms and a more stable macro environment, while Ghana continues to stabilise with easing inflation and improving growth dynamics. The outlook remains shaped by external and domestic headwinds, including commodity price volatility, constrained fiscal space, tighter external financing conditions and global geopolitical risks, which may influence trade and capital flows across the region. 31
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Q1 Q2 Q3 Q4 & Q1’26 Nigerian Financial Services Regulatory Environment Overview Policy continuity, enhanced transparency and successful recapitalisation strengthened investor confidence and market resilience. ● Launch of Nigerian Foreign Exchange (FX) code for better compliance and accountability. ● Clearance of outstanding $7bn FX backlog to reinforce commitment to honouring obligations. ● Rebasing of consumer price index (CPI) from 2009 to 2024. ● Suspension of approval for requests to extend timeline for export proceeds repatriation. ● Waiver of the 2025 annual license renewal fee for all existing Bureau De Change operators. ● Approval of tax reform bill to unlock economic potential and improve revenue growth. ● Continuation of naira for crude policy framework aimed at reducing reliance on foreign exchange by the energy sector. ● Fitch upgrades Nigeria’s Credit Rating to 'B' From 'B-’ ● Consistent FX intervention to support currency amid uncertainty following tariff wars ● FGN approved the Nigeria First Policy, which mandates MDAs to prioritize locally made goods and services. ● FGN requested NASS approval to secure fresh foreign loans of $24.14bn as part of the 2025–2026 rolling borrowing programme. ● Nigeria repaid $3.4 billion emergency funding it received for coronavirus pandemic from the IMF. ● The World Bank advised the CBN to issue shorter-tenor OMO bills. ● SEC Nigeria adopt Mark-to-Market for bonds to enhance transparency and improve price recovery. ● CBN mandates banks to get approval six months before and announce three months before appointing a new MD/CEO. ● CBN MPC cut MPR to 27%, CRR to 45%, set 75% on non-TSA deposits, adjusted corridor to ±250bps, and kept liquidity at 30% while monitoring inflation and liquidity. ● Nigeria Capital market adopt T+1 Settle cycle from May 29th, 2026. ● Revision of capital requirements for market operators by the Securities and Exchange Commission Nigeria. ● CBN MPC cut MPR to 26.50%, maintained CRR OF 45% and the standing facility corridor of +/-50/-250 basis point around the MPR. ● Issuance of an Executive Order by the Federal Government mandating the direct remittance of all oil and gas revenues by NNPC into the Federation Account ● Directive by the Central Bank of Nigeria to restrict banking services for defaulters. ● 33 Banks Meet Recapitalization Requirements. 32
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Business Areas Review
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Banking
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Strengthening the Core Banking Franchise. Connected Proudly African, Truly International Diversified Scale Obsessive commitment to customer experience Regulatory compliance and robust risk management Enhancing digital banking capabilities to promote financial inclusion Strengthening Cybersecurity and Technology Resilience Low cost operator with robust and growing retail base Industry leading franchise renowned for its service excellence, strong digital capabilities, and robust risk management framework. 33
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Banking Group Performance - FY 2025 Strong Pan-African Franchise with deep Footprint Across Africa’s Key Growth Markets ▪ ₦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 operations. (‘₦Bn) 34
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Business Segments Review Commercial: Tailor-made solutions and flexibility for middle-market companies SME Banking: Caters to small, fledging and fairly structured businesses Business Banking: Mid-sized enterprises between the commercial and SME segments Public Sector: All segments of government– Ministries, Departments and Agencies (MDAs) as well as State and LGAs Deposit Loans PBT Segment Performance Retail Banking: Retail-focused customer base. Wholesale & Corporate Banking: Large corporates, multinationals, major energy, telecoms, and maritime companies, embassies, etc. Combining a dominant retail banking franchise with a strong presence in corporate, SME, and commercial banking. 19.1% N2,299.1 bn 85.1% N2,665.1 bn 71.1% N860.2 bn 55.9% N6,722.7bn 8.0% N249.2bn 20.3% N245.3bn 7.9% 2.3% 2.9%N951.7bn N73.1bn N35.0bn 2.8%1.0%12.4% N1,487.2bn N30.9bn N34.2bn 3.1% 0.7% 0.1%N374.0bn N1.9bn N8.5bn 1.6% 3.6% 2.2%N195.1bn N112.1bn N26.0bn 35
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Bank 737 GAPS/GAPS Lite Naira Cards Dollar CardsPOS 41.4M FY 2025 33.3M FY 2024 24.3% 97.4M FY 2025 185.7M FY 2024 24.0M FY 2025 17.4M FY 2024 631.5M FY 2025 786.4M FY 2024 3.7M FY 2025 4.0M FY 2024 GTWorld 630.3M FY 2025 533.6M FY 2024 18.1% Digital Banking Review - Volume Scaling Activity Through Digital Channels 47.5% 37.9% 7.5% 19.7% 37 ▪ Increased transaction limits drove stronger SME adoption and higher platform activity. ▪ While card-based payments remain central, user behavior reflects a decline in physical card usage and a growing preference for alternatives like pay-with-transfer (2025: 190.1M; 2024: 4.9M). 190.1M FY 2025 4.9M FY 2024 3,779.6% Pay With Transfer
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Bank 737 GAPS/GAPS Lite Naira Cards Dollar CardsPOS ₦1.2tr FY 2025 ₦447.2bn FY 2024 168.3% ₦1.8tr FY 2025 FY 2024 ₦24.2tr FY 2025 ₦27.3tr FY 2024 ₦10.6tr FY 2025 ₦12.4tr FY 2024 $520.0M FY 2025 $522.4M FY 2024 GTWorld ₦48.2tr FY 2025 ₦39.8tr FY 2024 21.1% Digital Banking Review - Value Robust Value Flow Across Digital Channels 46.9% 14.5% 11.4% 0.5% 38 ▪ Strong growth in transaction value, with increased average ticket sizes reflecting deeper customer engagement and confidence. ▪ Pay-with-transfer volumes continue to increase, reflecting strong user adoption driven by speed and convenience (2025: ₦10.4trn; 2024: ₦131.5bn), positioning it as one of the fastest-growing payment methods. ₦955.4bn Pay With Transfer ₦10.4tr FY 2025 ₦131.5bn FY 2024 7,814.8%
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Banking Subsidiaries Overview - Reinforcing the Group’s Strategic Positioning across key African markets and the UK East Africa West Africa (ex. Nigeria) ▪ 80 branches, 1 e-branch ▪ FY 2025 Gross Earnings: N623.3bn (FY 2024: N467.9bn), up 33.2% Y-o-Y ▪ FY 2025 PBT: N346.4bn (FY 2024: N232.7 bn ), 48.8% growth Y-o-Y ▪ ROAE: 39.1% (FY 2024: 41.5% ) ▪ 32 branches ▪ FY 2025 Gross Earnings: N75.6bn (FY 2024: N86.3bn) ▪ FY 2025 PBT: N11.0bn (FY 2024: N18.5bn) ▪ ROAE: 4.3% (FY 2024: 9.2% ) ▪ 1 branch ▪ FY 2025 Gross Earnings: N62.9bn (FY 2024: N66.3bn) ▪ FY 2025 PBT: N17.9 bn (FY 2024: N21.9bn) ▪ ROAE: 13.2% (FY 2024: 23.1%) UK ▪ 240 branches, 18 e-branches; 14 cash centres ▪ FY 2025 Gross Earnings: N1,323.9bn (FY 2024: N1,502.1bn) ▪ FY 2025 PBT: N871.9bn (FY 2024: N1,003.0bn ) ▪ ROAE: 27.1% (FY 2024: 52.2%) Nigeria 39
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Fund Managers
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Fast Growing Fund Management Business Expert Fund Managers and preferred choice for discerning investors seeking stability, transparency, and long-term capital preservation Connected Proudly African, Truly International Diversified Scale Expanding partnerships and Ecosystem integration Strong driver of value retention within the GTCO ecosystem Governed by disciplined investment and risk management practices Trusted to deliver growth and value to customers across every market segment. Driving growth through innovation and Digital Access 40
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Gross Revenue ₦’000 Financial Highlights—Robust Revenue and Profitability, AUM-led growth PBT ₦’000 43,001,204 87,252,272 8,751,922 9,021,445 3.1% 41 102.9% ▪ Revenue and PBT growth driven by sustained AUM expansion and improved investment performance across diversified portfolios.
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Financial Highlights— Strong inflows and portfolio diversification AUM CompositionAUM Growth y-o-y (₦’Bn) 653.99 1,319.12 101.70% 42 ▪ AUM growth supported by strong inflows, enhanced product offerings, and disciplined asset allocation.
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Financial Highlights—Disciplined costs and improving returns Return on Average Assets & Equity, CIR 21.70% 24.27% 60.59% 125.10% 1.20% 2.06% 43 ▪ Efficient cost management reflected in a competitive cost-to-income ratio, with improving ROAE underpinned by growing scale and execution discipline.
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Pension
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A Digital First Approach to Building a Pension Business Helping Millions of Hard working Nigerians Build a Future-Proof Financial Life . Connected Proudly African, Truly International Diversified Scale Unlocking and leveraging ecosystem collaborations Making Retirement Planning Work for Every Nigerian Building Talent and Organisational Agility Redefining Pension for a New Generation of Nigerians with a Digital First Approach Optimising Investment performance across all Funds 44
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Financial Highlights—Steady Revenue & PBT, driven by recurring contributions Operating Income (₦’000) PBT (₦’000) 3,119,649 31.05% 4,088,206 9.0% 1,562,990 1,703,437 45 ▪ Revenue and PBT growth supported by steady contributions and consistent AUM accretion from strong client retention.
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Financial Highlights—Consistent inflows and long-term positioning AUM Growth y-o-y (₦’Bn) AUM Composition 48.8 103.3 151.1 111.66% 46.25% 33% 38% 67% 62% 46 ▪ AUM growth driven by recurring inflows and long-term investment strategies aligned with regulatory frameworks.
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Financial Highlights—Efficient cost management and capital strength Return on Average Assets & Equity, CIR 58.33% 49.90% 11.70% 11.36% 11.45% 11.77% 47 ▪ Strong operating leverage reflected in sustained cost efficiency and stable ROAE and ROAA, supported by prudent portfolio management.
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Payment Fintech
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Connected Differentiated Fintech Positioning – Best-in-Class Payment Solutions That Help Businesses Grow Proudly African, Truly International Diversified Scale Switching Services Online Payments Virtual Accounts POS Services Value Added Services - Cards (POS/Web/ATM) - Transfers - Payment modal - Card payment API - Clearing and settlement API - Static account - Dynamic account - Transaction processing - SquadPOS - Pay with transfer - Airtime and SMS - Biller API - Short code services (USSD) 48
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▪ Revenue and EBITDA growth were driven by rising TPV, reflecting increased merchant and consumer adoption across the ecosystem, supported by scalable infrastructure, broader use cases and deepening digital penetration, underscoring a strong competitive edge. EBITDA (₦’000)Gross Revenue (₦’000) 4,343,108 9,865,547 6,655,532 13,019,296 95.6% 127.15% Financial Highlights—Scalable infrastructure and growing adoption 49
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Accelerating momentum driven by rapid onboarding and expanding transaction volumes Merchant Acquisition and TPV Growth 50 Switching and Processing ₦’000 Revenue by Vertical Gateway & Switching ₦’000 International Payments ($) 2,373,293 6,697,020 182.2% 27,376,627,565 80,877,953,982 195.4% 2,589,974 51,767,088 1898.7% TPV by Currency ▪ TPV expansion driven by strong momentum across switching and processing, alongside robust growth in both Naira and dollar transactions, reflecting deepening ecosystem adoption and increasing cross-currency activity.
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Return on Average Assets & Equity, CIR 24.2% 34.7% 70.2% 48.2% 66.5% 43.9% 51 ▪ Improved operating metrics, with declining cost-to-income ratio and expanding returns, reflecting broader ecosystem efficiency gains and platform scalability. Efficiency & Scale—Best-in-class operating efficiency and scalable growth driven by rapid platform expansion.
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In addition to the flagship main edition, the inaugural ‘holiday edition’ delivered strong engagement, reinforcing the platform’s growing cultural and commercial impact. Non-Financial Highlights “A Shared Experience” 2025 GTCO Food & Drink Festival Another 1st… 1st Financial Services Institution in West Africa to Achieve Listing and Trading of its Ordinary Shares on the London Stock Exchange. 15 years of championing Autism awareness, advocacy, and inclusion. GTCO Food & Drink Festival - Holiday Edition Fostering excellence through shared passions. NPA Lagos Polo Tournament Improving quality of life for households. Waste for Gas Project - Owode LGA Sustained impact through strategic CSR initiatives 2025 GTCO Fashion Weekend “Catalysing Enterprise through creativity ” Orange Ribbon Initiative 52
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FY 2026 GuidanceFY 2025 PBT N1.400.00 tn Deposit Growth 40.00% Loan Growth 25.00% Coverage (with Reg. Risk Reserve) 100.00% Cost of Risk 1.00% NPL to Total Loans 4.00% N1.231.1 tn 23.77% 12.44% 106.91% 2.16% 4.97% Return on Average Assets (post-tax) 5.00% Return on Average Equity (post-tax) 30.00% Loans to Deposits 35.00% Liquidity Ratio 45.00% Capital Adequacy Ratio 35.00% Cost-to-Income Ratio 30.00% 5.32% 28.28% 24.32% 56.68% 43.82% 27.86% Net Interest Margin 11.00%12.30% Banking (Nigeria) Contribution to PBT 65.00%67.85% Banking (Ex-Nigeria) Contribution to PBT 32.00%30.49% Guidance and Plans Non-Banking Businesses' Contribution to PBT 3.00%1.66% 53
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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 Accounting Standards Board (IASB). The Group has also obtained certain information in this presentation from sources it believes to be reliable. Although GTCO has taken all reasonable care to ensure that such external information are accurate and correct, the Group makes no representation or warranty, express or implied, as to the accuracy, correctness or completeness of such information. Furthermore, GTCO makes no representation or warranty, express or implied, that its future operating, financial or other results will be consistent with results implied, directly or indirectly, by information contained herein or with GTCO's past operating, financial or other results. Any information herein is as of the date of this presentation and may change without notice. GTCO undertakes no obligation to update the information in this presentation. In addition, some of the information in this presentation may be condensed or incomplete, and this presentation may not contain all material information in respect of GTCO. This presentation may also contain “forward-looking statements” that relate to, among other things, GTCO’s plans, objectives, goals, strategies, future operations and performance. Such forward-looking statements may be characterised using words such as “estimates,” “aims,” “expects,” “projects,” “believes,” “intends,” “plans,” “may,” “will” and “should” and other similar expressions which are not the exclusive means of identifying such statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause GTCO’s operating, financial or other results to be materially different from the operating, financial or other results expressed or implied by such statements. Furthermore, GTCO makes no representation or warranty, express or implied, that the operating, financial or other results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. GTCO undertakes no obligation to update the forward-looking statements in this presentation. Disclaimer © Guaranty Trust Holding Company Plc FY 2025 Investor Presentation 54
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Thank You
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Appendix
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Balance Sheet Snapshot - Group In millions of Nigerian Naira Dec-25 Dec-24 y-o-y change (%) 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 - - Investment Securities 5,540,715 4,148,296 33.6% Asset pledged as collateral 119,009 114,570 3.9% Loans and advances to banks 84 87 -4.7% Loans and advances to customers 3,132,216 2,785,664 12.4% Restricted deposits and other assets 2,736,489 2,574,084 6.3% Property and equipment, right of use assets 465,569 330,232 41.0% Intangible assets 110,696 81,244 36.3% Deferred tax assets 32,686 28,876 13.2% Total assets 17,761,152 14,795,706 20.0% Liabilities and equity Deposits from banks 327,035 388,420 -15.8% Deposits from customers 12,547,006 10,013,021 25.3% Financial liabilities at fair value through profit or loss 81,103 51,174 58.5% Derivative financial liabilities 1 10,759 -100% Other liabilities 946,714 1,020,285 -7.2% Current income tax liabilities 218,610 186,665 17.1% Other borrowed funds 82,235 310,021 -73.5% Deferred tax liabilities 147,068 103,341 42.3% Total liabilities 14,349,773 12,083,689 18.8% Equity 3,411,378 2,712,017 26% Total liabilities and equity 17,761,152 14,795,706 20.0% Selected data, for full year 2025
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Income Statement Snapshot - Group In millions of Nigerian Naira Dec-25 Dec-24 y-o-y change (%) 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 financial instruments held at fair value through profit or loss 78,743 86,237 -8.7% Other income 139,954 499,066 -72.0% Operating income 1,657,252 1,696,939 -2.3% Net impairment reversal/(charge) on other financial assets 49,196 (27,668) -277.8% OPEX, pre- & post- tax profit Personnel expenses (101,045) (85,398) 18.3% Depreciation and amortization (89,521) (58,032) 54.3% Other operating expenses (284,800) (259,595) 9.7% Total operating expenses (475,366) (403,025) 17.9% Profit before income tax 1,231,081 1,266,246 -2.8% Income tax expense (365,334) (248,443) 47.1% Profit for the year 865,746 1,017,803 -14.94% Selected data, for full year 2025
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Key Performance Ratios Cost to Income Ratio Capital Adequacy Ratio Liquidity Ratio Loans to Deposits and Borrowings Return on Equity (post-tax) Return on Assets (post-tax) NPL to Total Loans Cost of Risk Coverage (with Reg. Risk Reserve) Dec 31, 2025 Dec 31, 2024 Net Interest Margin 106.91% 26.78%24.32% 49.19%56.68% 39.31% 138.70% 43.82% 24.14%27.86% 10.86%12.32% 4.94%2.16% 5.20%4.97% 8.31%5.32% 48.59%28.28% The Group continues to post one of the best metrics in the Nigerian Financial Services Industry