First Community Bank has sold a Sh200 million treasury bond it considered to be non-Shariah compliant, handing the lender an after-tax profit of Sh26.6 million in the first quarter of the year.
The Islamic bank grew its profits after tax by 176 per cent to turn black from a Sh34.9 million loss posted in last year’s first quarter, and a net loss of Sh97.5 million for the year. The bank’s “other income” rose to Sh62.9 million from Sh2.4 million on a quarter to quarter comparison……………………………………….Full Article: Source