Family Bank Group Nine-Month Profit Up 33.2% To Sh2.4 Billion

Family Bank Group recorded a 33.2 percent rise in net profit for the nine months to September 2022, buoyed by strong partnerships and growth in non-interest income.

The lender’s profit after tax grew to Sh2.4 billion in the period, up from Sh1.8 billion during a similar period last year.

Whereas the Group’s loan book expanded by 22.7 percent to Sh79.8 billion, customer deposits increased by 13.8 percent to Sh92.7 billion in the period under review.

Similarly, non-interest income grew by 22.4 percent to close at Sh2.7 billion for Q3’2022, supported by a strong capital base.

“As a Bank, we continue to create a healthy operating environment that provides consistent growth and profitability to our customers as we build a sustainable business that goes beyond profit,” said Family Bank CEO Rebecca Mbithi.

Net interest income increased by 9.8 percent to Sh6.2 billion, supported by an increase in interest income on loans and advances and government securities which grew by 16.6 percent and 40.7 percent respectively.

Also, non-funded income increased by 22.4 percent from Sh2.3 billion to Sh2.7 billion for the period under review with income from fees and commissions registering a decline of 50.1 percent to stand at Sh84.6 million.

Total operating expenses slightly increased by 3.6 percent to Sh5.5 billion from Sh5.3 billion.

Loan loss provisions registered a 42.1 percent reduction to close at Sh469.6 million.