138pc rise in Family Bank Q3 profit to Sh1.2bn

November 7, 2013
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Family Bank CEO and Finace Director compare notes before presenting the bank's performance/CFM
Family Bank CEO and Finace Director compare notes before presenting the bank’s performance/CFM
NAIROBI, Kenya, Nov 7 – Family Bank has recorded a 138 percent growth in pre-tax profit for quarter three, posting Sh1.2 billion from Sh507 million over the same period last year on the back of increased lending activities and growing customer numbers.

This is the best performance reported by the bank in the last two years and by extension also in its entire 29-year history.

In quarter one the bank recorded Sh311 million in quarter one 2013 and Sh703.3 million earned in the second quarter ended June.

The three months performance drives up total bank assets by 24 percent to Sh39 billion from Sh31 billion as at December 2012, with the loan book growing a generous 42 percent from Sh19.8 billion to Sh25.5 billion.

This was contributed largely by an expansion of the bank’s deposits from Sh24.6 billion shillings in December 2012 to Sh31.1 billion as a faithful 1.3 billion customer base stayed in the Family.

The bank has earned Sh3.75 billion from lending activities while non-interest revenue increased to Sh1.26 billion against Sh945.8 million in a similar period last year, boosted by increased activity on the Pesa Pap! Mobile banking platform and introduction of new services with the going live of PesaPoint on its ATM network countrywide.

Family Bank Chief Executive Officer Peter Munyiri attributed the growth to a combination of factors including sound strategy, fair economic and political climate and internal investment by the bank in its human resources.

“The good performance of the bank indicates that our goal to become a Tier 1 bank is well on course, to celebrate this achievement, we are increasing our investment in people and technology to ensure the bank continues to reap more rewards going forward,” said Munyiri.

Munyiri said the bank’s leadership was confident it had the right resources to propel it towards regional expansion and to embark on a wider Pan-African agenda.

“It’s a good time to be with Family Bank, we have completed major investments in internal programs and ensured that the right resources are in place for our larger expansion plans,” he said.

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