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Family Bank’s pre-tax profit grows 24.3% to Sh1.3 billion in the first quarter

NAIROBI, Kenya, May 28 – Family Bank’s gross profit rose 24.3 percent to Sh1.3 billion in the three months to March last year, compared to a similar period last year, supported by high interest income.

During the period under review, net interest income increased by 19.9 percent to Sh2.4 billion, supported by an increase in income from government bonds and loans and advances, which grew by 44.2 percent and 26.5 percent respectively.

However, interest expenses increased by 47.1 percent to Sh2 billion.

“The bank remains resilient in the difficult operating environment. We remain committed to supporting our customers’ needs, investing in our workforce and optimizing our operational efficiency. This will ensure sustainable long-term value creation for our shareholders,” said Nancy Njau, CEO of Family Bank.

During the period, total assets improved by 10.7 percent to Sh145.9 billion, supported by a 19 percent increase in customer deposits from Sh92.7 billion to Sh110.43 billion.

“The funds were invested in lending to customers through loans and advances, which grew by 4% to KES 87.44 billion. Further investments were made in government bonds, which increased by 29% to KES 32.7 billion.”

Investments in talent development and recruitment and digitalization increased the bank’s operating costs.

“Total non-performing loans increased marginally by 2.8%, reflecting current business conditions. The Bank’s regulatory ratio compliance position remained strong with the total capital ratio closing at 16.5%, while the liquidity ratio stood at 43% against the minimum statutory ratio of 20%.’

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