Family Bank Group has recorded a profit after tax of Sh2.4 billion for the first nine months of 2022 up from Sh1.8 billion during a similar period last year.
The growth was primarily driven by strong partnerships and an increase in non-interest income.
The Group’s loan book expanded by 22.7percent to SH 79.8 billion while customer deposits increased by 13.8percent to SH 92.7 billion in the period under review.
Total non-interest income increased by 22.4 per cent to close at SH 2.7 billion for Q3’2022. Supported by a strong capital base, the balance sheet size grew with total assets increasing by 19.9percent closing at SH128.5 billion.
“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 per cent respectively.
Similarly, non-funded income increased 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 per cent to stand at SH 84.6 million.
Total operating expenses slightly increased by 3.6 per cent to Sh5.5 billion from Sh5.3 billion. Loan loss provisions registered a 42.1percent reduction to close at Sh469.6 million.
The lender acquired $10 million, (Sh1.2 billion) from Eco-Business Fund to increase access to finance for sustainable agricultural producers, particularly in the tea sector and Sh1.2 billion in additional funding from Resp0nsability to deepen credit access to Small and Medium-sized Enterprises (SMEs).
