Family Bank Profit Before Tax Expands by 273 Percent

Family Bank has registered a profit before tax of 1.01 billion shillings, a 273 percent increase for the third quarter of 2019.

According to the lender, the recent growth in profits is 738.2 million shillings growth compared to 269.9 million shillings registered in a similar period in 2018.

Family Bank’s interest margin grew by 16.7 percent from 3.1 billion shillings to 3.6 billion shillings “attributable to a tremendous expansion of the loan book and a 12.2 percent decrease in interest expense.

“Family Bank earnings before tax hit sh 1.01billion registering 273% growth for Q3’2019 equivalent to a growth of sh 738.2 million compared to sh 269.9 million posted in a similar period last year.” Family Bank CEO Rebecca Mbithi. https://t.co/HQFmVLCWBZ pic.twitter.com/9yIYWBwdVX

— Family Bank Limited (@FamilyBankKenya) November 25, 2019

“Our deposits have grown by 25.8 percent to 60.2 billion shillings supported by aggressive deposit mobilization for institutional and transaction accounts,” said the lender in a statement.

Family Bank says 70 percent of its transactions are now done via digital platforms, leaving only 30 percent to be handled by agents and tellers.

READ: Family Bank Partners With Water.Org To Increase Access to Clean Water

The bank’s balance sheet expanded by 14.8 percent to 78.9 billion shillings with deposits closing at 60.2 billion shillings during the period under review.

By asset base, @FamilyBankKenya ’s balance sheet expanded by 14.8 per cent to Sh 78.9 billion with deposits growing by 26 per cent to Sh 60.2 billion supported by aggressive deposit mobilization for institutional, personal and transaction accounts. pic.twitter.com/mnJ6Z164Wi

— Tim-Sky Media Services (@Tim_skymedia) November 25, 2019

“Since Q3 of 2018, our earnings have been on steady growth and we thank our customers for the continued support cemented by the growth in their uptake of our products and services,” said Rebecca Mbithi, CEO of Family Bank.