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We are solid, Gulf African Bank declares

BUSINESS
By Standard Reporter | October 29th 2015

Gulf African Bank says it is committed to its long-term plans and growth in Kenya and the region and dismissed claims that it was affected by the crisis at Imperial Bank, currently under receivership.

"No customer should, therefore, be concerned about the bank being affected by the recent placement of Imperial Bank under receivership. This was a unique development and has no bearing on Gulf African Bank in any way," a statement from Gulf African Bank clarified, yesterday.

Gulf African Bank is backed by strong investors such as the World Bank’s International Finance Corporation, Istithmar World, The Eastern and Southern African Trade and Development Bank (PTA Bank), BMI (Bahrain), Gulf Cap group, investors from Saudi Arabia among other global institutional and individual investors.

According to the statement, the bank achieved a substantial growth in profit after tax, recording an impressive Sh405million, a 126 per cent rise in June 2015 compared to Sh179 million in a similar period the previous year. This also exceeds the 2014 full year Profit after tax of Sh402 million.

The bank’s total assets increased remarkably by 27 per cent from Sh17.3 billion in June 2014 to  Sh21.9 billion in June 2015, explained the statement.

Gulf African Bank was recently crowned the Best Bank in Islamic banking, Kenya, 2nd runner- up, Best bank in customer service and the Best Bank in Kenya, Tier III at this year’s Think Business Banking Awards.

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