Family Banks Profits After Tax Up BY 76.9 Percent To 2.6 Billion

Family Bank Group’s profit before tax for the first nine months of the year grew by 76.9 percent to 2.6 billion shillings compared to 1.5 billion shillings recorded in a similar period last year.

Net interest income, largely from loans and advances, increased significantly by 24.2 percent to 5.7 billion shillings in line with increased lending as the loan book similarly expanded by 13.9 percent to 65.1 billion shillings equivalent to 7.9 billion shillings growth.

Customer deposits grew by 17.4 percent year on year to close at 81.5 billion shillings while total assets grew by 18.9 percent to 107.2 billion shillings.

Total non-interest income increased from 2.0 billion to 2.3 billion shillings with income from other fees and commissions closing at 1.5 billion shillings equivalent to 17.1 percent growth.

At the same time, operating expenses marginally increased by 4.2 percent to 5.3 billion. Shillings.

“We continue to support micro, small and medium-sized enterprises as the economy slowly steadies with the containment of the effects of the pandemic. 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,” Family Bank CEO Rebecca Mbithi said.

Mbithi added that 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.

Family Bank recently unveiled a series of prepaid cards targeting, among others, the youth and traders in the ever-growing e-commerce trade to allow 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 15.2 billion shillings. This signifies a 1.8 billion shillings growth for the period under review.

Family Bank Group’s profit after tax for the first nine months of the year grew by 65.1 percent to 1.8 billion shillings when compared to 1.1 billion shillings recorded for a similar period last year.