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Kenya

Family Bank Posts Sh1.4bn Profit in the 9 Months to September 2020

NAIROBI, Kenya, Nov 27 – Family Bank has posted Sh1.4 billion Profit Before Tax for the nine months ending September 30, 2020.

Customer deposits grew by 15.2 percent to Sh69.4 Billion while the loan book grew by 14.9 percent compared to the same period in 2019 closing at Sh56.7 Billion. Total assets grew by 13.7 percent to KES 89.8 Billion compared to Sh78.9 Billion during the same period last year.

The net interest income grew by 27.0 percent to Sh4.6 billion compared to Sh3.6 billion recorded in the same period last year with income from loans and advances and government securities having played a key role in the growth. In addition, the operating income expanded by 16.6 percent to Sh6.6 billion from the previous Sh5.6 billion.

“Our main focus at the Bank has been solely how to support our customers in the face of the COVID-19 pandemic. The numerous interventions that we have taken in this regard include restructuring and moratoriums on loans, waiving fees on digital transactions and building the capacity of our customers in the SME sector. We are glad to have managed this effectively and still be able to increase our income in such times of uncertainty,” said Family Bank CEO Rebecca Mbithi.

She added that Family Bank has signed some key strategic partnerships that have positively impacted customers. They include a financing deal with Wellwise Solutions benefitting SMEs in the health sector seeking financing. Family Bank also signed a partnership with Performeter Agribusiness Limited setting aside Sh1 billion to fund fodder production for dairy farmers in cooperatives. 

 

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