Gulf African Bank announces its first quarter 2016 unaudited financial results. Gulf African Bank, Kenya’s premier Shari’ah compliant bank has announced its first quarter financial results for the period ended 31 March 2016. The Group, which comprises the bank and its subsidiary, GAB Takaful Insurance Agency, registered improved performance in the first quarter of 2016. The Group Profit after tax for the three months to 31 March 2016 was Kshs 177.6 Million compared to Kshs 156.4 Million for the same period in 2015. Notable highlights from the Bank results include:
- Growth in Profit after tax of 13.6% in quarter 1 2016 to post a Profit after tax of Kshs 178 Million in quarter 1 2016 compared to Kshs 156 Million recorded in similar period in 2015;
- On the same area of profitability, GAB posted a Profit before tax of Kshs 273 Million in quarter 1 2016 compared to the Kshs 241 Million recorded in quarter 1 2015. This represents a growth of 13.3%;
- Total operating income grew by 15% from the Kshs 610 Million recorded for the three months to March 2016 to Kshs 699 Million in for the three months in 2015;
- Customer deposits increased by 9% to Kshs 18,004 Million in quarter 1 2016 from the Kshs 16,545 Million as at similar period in 2015;
- Financing arrangements to customers grew to Kshs 15,851 million as at 31 March 2016, an increase of 23%, from Kshs 12,892 million that the Group closed at as at 31 March 2015;
The good performance is attributable to the Bank’s efforts to diversify revenue sources by introduction of more services to our customers and enhancing the efficiency through cost management initiatives. The Group is currently exploring different opportunities to grow this revenue base by offering unique value propositions to our customers in our corporate, business (SME) and retail banking divisions in collaboration with our valued partners.
Looking forward
According to the Managing Director, Mr Abdalla Abdulkhalik, ‘The bank will carry on to offer financial solutions in Kenya that meet the unique requirements of our customers, be they individuals or institutions (large corporates or Small and Medium Enterprises). We will focus on financial services that meet today’s challenges and opportunities while paying attention to innovative ways of delivering the services that will be relevant into the future.’
Mr Abdulkhalik says that in 2016, the bank is implementing a programme to expand its footprint in areas the bank has not operated before in order to extent the concept of Islamic Banking to other regions in the country. ‘Our commitment is to meet the needs of all our stakeholders – the shareholders, customers, employees, regulators and the community.’
Gulf African Bank (GAB)is the first fully Shari’ah compliant bank in Kenya established in 2007, offering products that address the needs of not just Muslims, but everyone in the country who demands fair, safe and ethical banking practices. GAB is a pioneering Islamic Bank not only in Kenya but also in the entire East African region, whose shareholders include: Istithmar World (the investment arm of the Government of UAE); BMI Bank (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); International Finance Corporation – IFC, PTA Bank, GulfCap (UAE) and Kenyan investors.
For more press information,
please contact:
Maria Namuye
Corporate Communications
Tel: 2740000 Mobile 0729 658109
Email: [email protected]
