Gulf African Bank joins profit-makers’ curve

Gulf African Bank has posted a profit for the first time since it opened its doors to business in 2008 in its three months to March 2010, raising hopes for its investors to earn their first return on their Sh1.75 billion investment.

Unlike its peers in the banking sector that have posted double digit growth in earnings, the bank which lends on Islamic principles managed to grow its earning by 127 per cent to propel its pre-tax profits to Sh25 million in the first three months to March 2010.