Family Bank Group has posted a Ksh2.3 billion Profit Before Tax in the first six months of 2022. This is a 37.4 % increase in Profit before tax compared to Ksh1.7 billion registered in the same period in 2021.
The profit growth was driven by a 24% growth in net interest income to Ksh6.1 billion from Ksh4.9 billion. This growth was in line with the loan book growth of 19.3 % closing at Ksh75.6 billion up from Ksh63.4 billion in June 2021.
Digitization and income diversification saw the non-funded income grow by 21% from Ksh1.5 billion to Ksh1.9 billion. Further, the Bank’s investments in efficiencies continued to pay off which saw the operating expenses increase marginally by 2% to Ksh3.6 billion in June 2022 up from Ksh3.5 billion in June 2021.
“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.,” said Family Bank CEO Rebecca Mbithi.
Total deposits increased by 19% to close at Ksh90.7 billion from Ksh76 billion in June 2021 while total assets increased by 24% from Ksh100 billion to Ksh124 billion in June 2022.