Family Bank Posts Ksh 1.4 Billion In 9 Months

Family Bank has posted a 1.4 billion shillings profit before tax for the nine months ending September 30, 2020.

Customer deposits grew by 15.2 percent to 69.4 billion shillings while the loan book grew by 14.9 percent compared to the same period in 2019 closing at 56.7 billion.

Total assets grew by 13.7 percent to 89.8 billion shillings compared to 78.9 billion shillings during the same period last year.

The net interest income grew by 27.0 percent to 4.6 billion compared to 3.6 billion shillings recorded in the same period last year with income from loans and advances and government securities having played a key role in the growth. Operating income expanded by 16.6 percent to 6.6 billion shillings from the previous 5.6 billion shillings.

“Our main focus at the Bank has been solely how to support our customers in the face of the COVID-19 pandemic. The numerous interventions that we have taken in this regard include restructuring and moratoriums on loans, waiving fees on digital transactions, and building the capacity of our customers in the SME sector. We are glad to have managed this effectively and still be able to increase our income in such times of uncertainty,” said Family Bank CEO Rebecca Mbithi.

She added that Family Bank has signed some key strategic partnerships that have positively impacted customers. They include a financing deal with Wellwise Solutions benefitting SMEs in the health sector seeking financing.

Family Bank also signed a partnership with Performeter Agribusiness Limited setting aside Ksh1 Billion to fund fodder production for dairy farmers in cooperatives.