Kenya’s Family Bank has announced its Half Year results reporting a 40% decline in After Tax Profits to Ksh 711.5 Million compared to Ksh 1.18 Billion posted in the same period in 2015.
Key Highlights
- Total Interest Income grew to Ksh 6 Billion from Ksh 4.5 Billion reported in half Year 2015, this was driven by Loans and advances which were up by 33% to Ksh 5.37 Billion.
- Operating expenses increased to Ksh3.8 billion from HY 2015’s Ksh2.9 billion driven by staff costs which increased by 19% to Ksh 1.41 billion.
- During this period, Gross Non Performing loans increased by a massive 88% to Ksh 5.16 Billion from Ksh 2.75 Billion on the back of insider loans which were up by 43% to Ksh 4.14 Billion. (Gross loans in the three months between March to June grew by Ksh1.65 Billion.)
- Loan loss provision increased by 8 times to Ksh 299.3 million from Ksh 37 million posted in June 2015.
- Total assets as at June was KSh80.2 billion, a drop from Ksh 81.2 Billion reported in December 2015.
- The group’s total liabilities increased by 7% to Sh68.1 billion driven by increased borrowing, borrowed funds during this period rose by nearly five times to Ksh11.1 billion.
- In the six months to June 2016, customer deposits fell by Ksh 8 Billion to Ksh 54.7 Billion.
Download; Family Bank Kenya Half Year 2016 Results PDF
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