Gulf Bank profit rises by 25pc to Sh555m
Nairobi, March 23 -- Gulf African Bank's net profits for the financial year ending December 2022 rose by a quarter to Sh555.1 million on the back of increased income and slower growth in expenses.
The Shariah-compliant lender had made a profit after tax of Sh444.1 million the year before, with its latest performance benefitting from improved efficiencies.
Like many other lenders, Gulf African weathered the tough economic times to net a higher income of Sh3.3 billion in the review period, a growth of 12.4 percent compared to Sh2.9 billion in 2021.
However, total expenses grew at a slower pace of 10.2 percent to Sh3.32 billion compared to Sh2.94 billion in the previous year.
"Our stellar performance delivered during this period is an at...
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