Family bank has posted KSh 2.3 billion net profit for the 9 months to September from KSh 2.1 billion in the same period in 2023.
- •The improvement was fueled by double digit increases in operating income as both interest and non-interest income experienced growth.
- •Non funded income increased 13.2% to KSh 3.3 billion owing to increased other fees and commissions with forex income declining.
- •Net interest income saw a 10.1% uptick resultant from increased income from loans and a 65% jump in higher yielding from government securities.
“As a Bank, we enhanced our buffers on the back of our improved portfolio metrics. We continue to work hand-in-hand to support all our customers including those who may be facing any challenges in meeting their obligations,” Nancy Njau, Family Bank CEO said.
Customer loans increased by 11.3% to KSh 94.2 billion. Similarly, customer deposits grew by 17.8% in the period to KSh 127.3 billion.
Operating expenses rose 12.4% to KSh 7.7 billion driven by more than doubled directors’ compensation coupled with a mild increase in staff costs to KSh 2.9 billion in the period.
The lender decreased their allowance for credit losses by 40.6% even as gross non performing loans grew by 4% to KSh 14.3 billion in the period.
In a rights issue that closed in January 2024, Family Bank raised only KSh 252 million of the KSh 9.3 billion targeted.