Gulf African Bank's H1 net profit jumps 452% y/y.

By bne IntelliNews August 28, 2012
Kenyan lender Gulf African Bank, which provides Shariah compliant banking services, posted a net profit of KES 124.4mn (EUR 1.2mn) for the first half of 2012, up from KES 22.5mn in the same period last year, The Star reported. The banks improved performance was backed by a 37% growth in its lending portfolio, called financing arrangement to customers at Islamic banks, to KES 8.5bn. The banks income from financing arrangement to customers surged 54.8% to KES 570mn. Its income from lending to financial institutions surged to KES 158mn in H1 2012 from KES 25mn a year earlier, as deposits and balances due from local banking institutions jumped 50% to KES 1.8bn. The bank reported a 20.7% y/y growth in customer deposits to KES 11.1bn as at June 30, 2012. Gulf African runs 14 branches throughout Kenya and plans to open two new branches by the end of the year. Gulf African Bank, which started commercial operations in January 2008, is the first and largest Islamic bank in Kenya and the East African region. It offers fully Shariah compliant products and services that address the needs of not just Muslims, but everyone in the country including individuals, corporate clients, and institutions.

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