By Ogbuotobo Chuks

Barely one month after the end of its first quarter ended May 30,2007, GT Bank posted a gross profit of N5.094 billion for its 2007 finanacial year. This is in contrast to N3.067 recorded for the corresponding period in 2006, thereby indicating an increase of about 66 percent.

In the released result, the bank acheived a turnover of N14.882 billion in 2007 as against N10.992 billion in the first quarter of 2006. The profit after tax for the quarter under review grew from N2.085 in 2006 to N3.464 in 2007, resulting in an increase of 66.14 percent.

It would be recalled that the bank dished out a bonus of 1 for 4 in its just concluded financial year, as well as a dividen of 50kobo. It is due to come to the primary market anytime from now to raise N120 billion, as it has already submitted its application to the Nigerian Stock Exchange and is awaiting approval.

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