Family Bank has posted a 32.9 per cent drop in first quarter profit to Sh344.9 million as bad loans sored by over 50 per cent.
Financial
results published yesterday show gross non performing loans were higher
by 56 per cent totalling Sh4.32 billion from Sh2.77 billion previously.
Insider
loans and advances were up by 56.84 per cent to Sh4.5 billion from
Sh2.88 billion. Loan loss provision grew by 50.9 per cent to Sh80.8
million.
Customer deposits rose by 20.3 per cent to Sh65.8 billion from Sh54.7 billion in a corresponding period last year.
Total interest income was higher by 39.3 per cent to Sh2.99 billion from Sh2.15 billion.
The group's assets increased by by 21 per cent to Sh86 billion.
Family Bank increased its capital from Sh9.38 billion in first quarter 2015 to Sh10.32 billion during the same period this year.
