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Family Bank Profits For H1 Up To 1.2 Billion Shillings

BY Juma · August 25, 2021 09:08 am

KEY POINTS

The profits of Family Bank Kenya for the first 6 months of 2021 grew by 83.9 percent to 1.17 billion shillings from 638.47 million shillings posted in a similar period last year, making it one of the largest profits for the bank.

The massive rise in profits for H1 by the lender was 95 percent of the 1.16 billion shillings that Family Bank had posted in the full year ended December 2020. This places the lender on the path of registering good results at the end of the year.

Putting the numbers by Family Bank into perspective, net interest income grew by 25 percent to stand at 3.69 billion shillings coming on the back of the loan book growing 12 percent to 63.98 billion shillings.

At the same time, non-interest income, mainly related to fees and commissions, grew 18.2 percent to 1.52 billion shillings helping the bank to post improved performance in the first half ending June 2021.

Operating expenses rose by 4.6 percent to 3.54 billion shillings partly driven by a 36 percent rise in loan loss provision to 614.9 million shillings.

The results by Family Bank come at a time Kenyan banks are releasing tremendous results in form of profits. For instance, profits for both Equity Bank and KCB Group doubled during the first half of 2021 on the back of the Covid-19 pandemic.

The performance of Family Bank raises prospects of a return of dividends for shareholders.

The board of the bank last year paid 0.24 shillings dividends per ordinary share on the 2019 results. It was the first time since 2015 for shareholders to get dividends. The payout for 2015 was 0.50 shillings totaling 622.59 million shillings.

Family Bank raised 4.42 billion shillings, an oversubscription of 47.3 percent, from local fund managers, banks, retail investors, insurance companies, and other institutional investors in a bond that they had released on the market.

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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