Gulf African Bank profits up by 81 per cent
By Lee Mwiti | April 6th 2016
Gulf African Bank has posted a profit after tax of Sh729 million for the financial year ended December 31, 2015. That makes an 81 per cent growth from Sh402 million posted in the previous financial year.
The bank which is shariah compliant attributed the growth to the management’s efforts to diversify revenue sources by introducing more services to customers and enhancing efficiency through cost management initiatives.
Also the bank did record increased efficiency, with its Cost Income ratio improving from 12.1 per cent during the review period. The group, which has a subsidiary called GAB Takaful Insurance Agency, posted a profit before tax of Sh1.1 billion in the review period compared to Sh616 million posted in 2014. This represents a growth of 77 per cent.
However, even with the growth in profits, the bank’s operating expenses shot up by 22.5 per cent, from Sh1.3 million reported in 2014 to Sh1.5 million posted in 2015. This reflected an increased cost of doing business.
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