Family Bank Group posted net earnings of KSh 510.2 Million in Q1 2021 compared to KSh 297.9 Million in Q1, 2020, an increase of 71.2%.
The lender’s pre-tax profit for the first quarter of 2021 was KSh 728.8 Million, compared to KSh 425.6 Million in Q1, 2020.
The Group’s balance sheet size grew to KSh from KSh 82.5 Billion in Q1,2020 to KSh 94.8 Billion in Q1, 2021, while net loans to customers increased from KSh 53 Billion to KSh 61.3 Billion during the period under review.
Customer deposits grew significantly from KSh 61.4 Billion in Q1 2020 to KSh 72.6 Billion in Q1, 2021, while net interest income rose from KSh 1.4 Billion to KSh 1.8 Billion.
The lender made loan loss provisions of KSh 360.1 Million, similar to provisions made in the first quarter of last year.
Non funded income marginally decreased from KSh 714.9 Million to KSh 711.2 Million while operating expenses marginally increased by 4.6% to KSh 1.8 billion.
“We continue to execute our 2020 – 2024 strategy which positions the Bank as a strong SME bank. Our strategy execution is on course, and we remain optimistic that the operating macro-economic environment will improve in the remaining part of the year. We are happy that a significant number of customers, who were affected by COVID-19 pandemic in 2020, are slowly getting back on track as we continue to support their growth,” said Family Bank CEO Rebecca Mbithi.
The Group recorded a decline of 4.7% in net non-performing loans for the three months under review showing its clients’ resilience.
The Bank’s core capital grew by 11% to stand at KSh 12.6 billion compared to KSh 11.4 billion in Q1’2020. Liquidity remained significantly above the minimum requirement of 20% at 32.4%.