Profits rocket as Gatehouse Bank expands

Tim Wallace
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PROFITS jumped to £4m in 2013, Gatehouse Bank reported yesterday, up 67 per cent on the year.

The Sharia-compliant lender recorded revenues of £12.8m in the 12-month period, with financing activities growing by 30 per cent.

Revenues from investments in listed instruments increased 600 per cent on the year, offsetting a 70 per cent drop in fees and commissions.

In February the bank’s assets under management passed the £2bn-mark.

“This solid performance represents an important milestone as the bank evolves out of the start-up phase and into a mature bank,” said chairman Fahed Faisal Boodai.