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Family Bank profit up by 76.9pc to Sh2.6bn

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NAIROBI, Kenya, Nov 25 –  Family Bank Group profit before tax for the first nine months of the year grew by 76.9 percent to Sh2.6 billion compared to Shs 1.5 billion recorded in a similar period last year. 

Net interest income, largely from loans and advances, increased significantly by 24.2percent to Sh 5.7 billion in line with increased lending as the loan book similarly expanded by 13.9 percent to Sh 65.1 billion, equivalent to Sh 7.9 billion growth.

Customer deposits grew by 17.4percent year on year to close at Sh 81.5 billion while total assets grew by 18.9percent to Sh 107.2 billion.

Total non-interest income increased from Sh 2.0 billion to Sh 2.3 billion with income from other fees and commissions closing at KES 1.5 billion equivalent to 17.1 percent growth.  

For the period under review, operating expenses marginally increased by 4.2 percent to Sh 5.3 billion.

“We continue to support micro, small and medium-sized enterprises as the economy slowly steadies with the containment of the effects of the pandemic. Our promise to our customers is that we will continue supporting them and will ensure that they enjoy a superior differentiated customer experience through our customer-led innovations,” said Family Bank CEO Rebecca Mbithi.

Mbithi added that “Customers can expect the roll out of niche products from the bank with a focus on ease of access, convenience and targeting diverse customer segments with unique propositions as we seek to create an end to end value-driven ecosystem. We recently unveiled a series of prepaid cards targeting, among others, the youth and traders in the ever-growing e-commerce trade allowing customers to transact in multiple currencies including the Yuan.”

The Bank’s liquidity remained significantly above the minimum requirement of 20percent at 47.1percent as total shareholders’ funds grew by 13.2 percent to close at Sh 15.2 billion signifying a KES 1.8 billion growth for the period under review.

 

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