Family Bank Q1 2022 results “The Group” has recorded a KES 1.05 billion Profit Before Tax for the first three months of 2022, marking a 43.7% growth in earnings up from KES 728.8 million recorded in March 2021.
The growth was primarily driven by Net interest income which increased by 13.5 % to KES. 2.05 billion. Operating expenses registered a 4% reduction to Kes 1.72 billion.
This was supported by a reduction in loan loss provisions reflecting an improvement in the economy and customer’s ability to service their loans and a reduction in the overall operating expenses from the operational efficiencies from continued investments in technology.
Commenting on the results, the Bank’s Chief Executive Officer, Rebecca Mbithi noted that total assets continue to grow at KES 122.3 billion, a 28.9% increase from the similar period last year.
The growth was driven by the continued expansion of the Bank’s loan book to KES 72.6 billion and investments in government securities owing to improved liquidity, efficiency and capital. Customer deposits closed at Kes 89.4 billion up from Kes 72.6 Billion in March 2021.
“This strong growth is a clear demonstration of the Bank’s ability to continue supporting customers in the key segments which we serve. As a Bank, we continue to be guided by our five-year strategy and we remain focused on our transformation program to optimally gain size, scale up efficiently as we seek to build an ecosystem that drives value to our customers,”
About Family Bank
Family Bank is a financial institution that prides itself in growing a strong retail customer base with a key focus in SME banking anchored on the positive transformation of people’s lives in Africa.
Family Bank is the fifth-largest bank in Kenya, as of Dec 2020, in terms of branch network with 93 branches across 32 counties. The Bank has over 750,000 customers, 4,800 bank agents, over 8,000 merchants countrywide with total assets of KES 111 billion and a deposit base of KES 81.9 billion as of 31 December 2021.
Family Bank prides itself in being a digitally innovative bank having been the first bank to introduce paperless banking through smart card technology and mobile banking, PesaPap, in Kenya and the first to launch the mVisa service in Africa.
In 2021 Family Bank received two awards; Financial Communication Campaign of the Year and Overall Public Relations Campaign of the Year at the 2021 Public Relations Society of Kenya Annual Awards for Excellence for the Corporate Bond Campaign where the Bank raised KES 4.42 billion via public placement marking a subscription of 147.3%.
In 2020, Family Bank was voted as the Best Tier Two Bank and the overall second-best bank in Digital and Customer Experience in the Kenya Bankers Association Customer Satisfaction Survey.
Other awards include Best SME Bank in Kenya at the annual Banker Africa Awards 2017, East Africa –an award initiative for financial institutions in Africa, Think Business Fastest Growing Bank Award three years in a row between 2013 and 2015 and the Think Business Best Bank in Micro-Finance Award, 1st Runner-up in 2013 and 2014.
For more information about Family Bank, please visit: www.familybank.co.ke