Gulf African Bank records a 25% jump in profitability in the FY 2022
Gulf African Bank has kept its financial performance at robust levels, recording a 25% jump in profitability for the period ended December 2022 to post Kshs 555 Million as profit after tax. The impressive performance was buoyed by a digital first strategy, growth in investment products and improved cash flow positions in customer’s businesses as the economy rebounded.
Financial highlights
- During the period under review, the bank recorded a 25% jump in profitability, recording a Profit After Tax (PAT) of Kshs 555 Million compared to Kshs 444 Million recorded a similar period last year.
- Our customers continued to support us through this period, placing Kshs 31.37 billion as deposits with the bank, which marked a 7.5% growth as business activity picked towards the end of 2022 as business confidence returned following the elections in August2022.
- We continued to maintain confidence in our customer’s businesses despite it being an electioneering period by keeping credit lines open to them. As a result, we disbursed 22.02 billion from the Kshs 20.7 bn disbursed during the period ended December 2021.
- The Bank’s Balance Sheet size expanded to Kshs 38.2 billion during the period under review from Kshs 37.7 billion recorded during a similar period in 2021.
Commenting on the bank’s performance, Gulf African Bank’s CEO Anuj Mediratta said, “Our stellar performance delivered during this period is an attestation of the progress made by the bank in growing sustainable income from our core business. Our transformation drive which is hinged on partnerships, has resulted in a stronger Balance sheet and better asset quality. We will continue to optimize opportunities that drive growth in revenue and profitability given our unique position as a leader in Islamic Banking regionally. Value creation through innovation and strategic partnerships remains our overarching objective”
About Gulf African Bank
Gulf African Bank is the Premier Shari’ah compliant Bank in Kenya, offering products that address the needs of not just Muslims, but everyone in the country through fair, safe and ethical banking practices. Gulf African Bank 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 Dubai); Alsalam Bank-Bahrain (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); Trade Development Bank (Previously PTA Bank), IFC (The Private Investment Arm of World Bank) among others.
