Gulf records 81pc jump in its full year earnings

What you need to know:

  • The bank reported an after-tax profit of Sh728.6 million up from Sh402.1 million a year earlier. It surpassed its Sh1 billion target in before-tax profit, booking Sh1.09 billion in the review period.
  • Gulf opened a Shariah-compliant insurance brokerage GAB Takaful Insurance Agency Limited in 2014 as it sought to diversify its income streams.
  • The bank’s operating expenses increased by 22.5 per cent to Sh1.5 bilion in review period, reflecting increased cost of doing business.

Shariah-compliant lender Gulf African Bank has recorded an 81 per cent growth in its net profit for the year ended December, powered by diversification of revenue streams.

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