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Family Bank Profit Before Tax Jumps To Sh1.1B

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 Family Bank has recorded a Ksh1.05 billion Profit Before Tax for the first three months of 2022, marking a 43.7% growth in earnings up from Ksh728.8 million recorded in March 2021.

The growth was primarily driven by net interest income which increased by 13.5 % to Ksh2.05 billion. Operating expenses registered a 4% reduction to Ksh1.72 billion.

This was supported by a reduction in loan loss provisions reflecting an improvement in the economy and customer’s ability to service their loans as well as a reduction in the overall operating expenses from the operational efficiencies from continued investments in technology.

Family Bank CEO Rebecca Mbithi noted that total assets grew to Ksh122.3 billion, a 28.9% increase from a similar period last year.

The growth was driven by the continued expansion of the bank’s loan book to Ksh72.6 billion and investments in government securities due to improved liquidity, efficiency and capital.

Customer deposits closed at Ksh89.4 billion up from Ksh72.6 billion in March 2021

“This strong growth is a clear demonstration of the bank’s ability to continue supporting customers in the key segments which we serve,” she said.

“We continue to be guided by our five-year strategy and we remain focused on our transformation program to optimally gain size, scale up efficiently as we seek to build an ecosystem that drives value to our customers.”

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KALU MENGOhttp://www.businesstoday.co.ke
Kalu Mengo is a Senior Reporter With Business Today. Email: [email protected]
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