Family Bank half-year profit up 83 per cent to Sh1.2 billion
Tier two lender Family Bank net profit for the six months to June has increased by 83.6 per cent to Kes1.2 billion from Kes638.5 million realised last year on account of rising operating revenue.
In the half, Family Bank saw its operating income jump by 23.8 per cent to Kes5.2 billion from Kes4.2 billion last year as net interest income hit Kes3.7 billion from Kes2.9 billion.
The lender’s non-funded income closed the six month trading period at Kes1.5 billion from Kes1.3 billion in June 2020.
The Covid-19 economic fallout has, however, seen the lender’s stock of gross non-performing loans go up to Kes10.8 billion from Kes9.1 billion in June 2020.
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Financial disclosures show that the bank’s operating expenses have grown marginally as the lender increased its loan-loss provisions to Kes614.9 million from Kes451.4 million during a similar period last year indicating the tough business environment faced by borrowers due to the pandemic.
In the half, Family Bank earnings per share improved to 83 cents from 50 cents subsequent to the strengthened profitability in the trading period.
