Family Bank Records Ksh2.6 Billion In Pre-tax Profits

Family Bank CEO Rebecca Mbithi.
Family Bank CEO Rebecca Mbithi. [Photo/ Courtesy]

Family Bank Group profit before tax for the first nine months of the year grew by 76.9 percent to Ksh2.6 billion compared to Ksh1.5 billion recorded in a similar period last year.

Net interest income, largely from loans and advances, increased significantly by 24.2 percent to Ksh5.7 billion in line with increased lending as the loan book similarly expanded by 13.9 percent to Ksh65.1 billion, equivalent to Ksh7.9 billion growth. Customer deposits grew by 17.4 percent year on year to close at Ksh81.5 billion while total assets grew by 18.9 percent to Ksh107.2 billion.

Total non-interest income increased from Ksh2.0 billion to Ksh2.3 billion with income from other fees and commissions closing at Ksh1.5 billion equivalent to 17.1 percent growth.

For the period under review, operating expenses marginally increased by 4.2 percent to Ksh5.3 billion.

“We continue to support micro, small and medium-sized enterprises as the economy slowly steadies with the containment of the effects of Covid-19. 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.

“Customers can expect the rollout 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 20 percent at 47.1 percent as total shareholders’ funds grew by 13.2 percent to close at Ksh15.2 billion signifying a Ksh1.8 billion growth for the period under review.

Family Bank Group profit after tax for the first nine months of the year grew by 65.1 percent to Ksh1.8 billion when compared to Ksh1.1 billion recorded for a similar period last year.

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