NAIROBI, Kenya May 27 -Family Bank has recorded a Sh733million net profit for the first three months of 2022, marking a 43.7 per cent growth up from Sh510 million recorded in March 2021.
The growth was primarily driven by net interest income which increased by 13.5 per cent to Sh2.05 billion.
Operating expenses registered a 4 per cent reduction to Sh1.72 billion.
This was supported by a reduction in loan loss provisions reflecting an improvement in the economy and customer’s ability to service their loans and a reduction in the overall operating expenses from the operational efficiencies from continued investments in technology.
“This strong growth is a clear demonstration of the Bank’s ability to continue supporting customers in the key segments which we serve. As a Bank, we continue to be guided by our five-year strategy and we remain focused on our transformation program to optimally gain size, scale up efficiently as we seek to build an ecosystem that drives value to our customers,” said the Bank’s Chief Executive Officer, Rebecca Mbithi
The lender’s total assets grew to Sh122.3 billion, a 28.9 per cent increase from a similar period last year.
The growth was driven by the continued expansion of the Bank’s loan book to Sh72.6 billion and investments in government securities owing to improved liquidity, efficiency, and capital.
Customer deposits closed at Sh89.4 billion up from Sh72.6billion in March 2021.
