Family Bank half-year profit up 33 percent to Kes1.6 billion
Family Bank Group profit for the first six months ended June surged 33 percent to Kes1.6 billion from Kes1.2 billion on higher earnings from both funded and non-funded income streams.
The increase in profits was propped by a 24 percent growth in net interest income to Kes.6.1 billion from Kes.4.9 billion in tandem with the loan book growth of 19.3 percent closing at Kes.75.6 billion up from Kes.63.4 billion in June 2021.
In the period, non-funded income increased by 21 percent to Kes.1.9 billion from Kes.1.5 billion on the back of digitization and income diversification.
Further, the lender’s restructuring efforts aimed at higher efficiency paid off as seen in the bank’s virtually consistent operating expenses which increased marginally by 2 percent to Kes.3.6 billion in June 2022 up from Kes.3.5 billion in June 2021.
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Family Bank CEO Rebecca Mbithi said, “We continue to focus on supporting our customers across diverse sectors of our economy through partnerships, digitization and other innovative solutions that provide a compelling value proposition for them. We have seen a growth in loans and advances as we continue to on-lend to our customers to support business and personal growth.”
Total deposits increased by 19 percent to close at Kes.90.7 billion from Kes.76 billion in June 2021 while total assets increased by 24 percent from Kes.100 billion to Kes.124 billion in June 2022.