Gulf Bank nets Sh156m profit

Gulf African Bank CEO and Board member Abdalla Abdulkhalik. Gulf African Bank Wednesday announced an 82 per cent jump in net earnings in the first quarter of this year. Abdulkhalik attributed the increase in profitability to expansion and a growing market share. PHOTO | FILE

By  NATION REPORTER

What you need to know:

  • The Shariah-based lender posted Sh156 million profit compared to Sh86 million reported during a corresponding period in 2014.

Gulf African Bank Wednesday announced an 82 per cent jump in net earnings in the first quarter of this year.

The Shariah-based lender posted Sh156 million profit compared to Sh86 million reported during a corresponding period in 2014.

Bank chief executive Abdalla Abdulkhalik attributed the increase in profitability to expansion and a growing market share.

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“The launch of our Mombasa Road branch last year was a strategic decision by the bank to leverage on the growing needs of Islamic financial services. Good expense control apart from investment in digital platforms, also helped the bank firm up its position as the leading Shariah-compliant bank in the country,” he said.

The lender whose total asset base stood at Sh21 billion, launched a Bancassurance unit last year in a bid to diversify revenue streams.

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