Family bank’s net profit in the first quarter of 2020 grew 85% to KSh297.9 million from KSh160.83 million recorded in the first quarter of 2019.
The lender’s operating income grew to KSh2.13 billion up from KSh1.79 billion recorded in Q1 of 2019.
Total interest income for the group rose to Ksh2.0 billion compared to Ksh1.6 billion recorded in Q1 of 2019. Interest income from loans and advances grew to KSh 1.7 billion during the first quarter of 2020, up from the KSh 1.4 billion made in the same period in 2019.
Non-interest income from fees and commissions and foreign exchange trading jumped to KSh714.8 million, a KSh 63.1 million increase from the same period in 2019.
On the other hand, total operating expenses increased to Ksh1.71 billion driven by higher loan loss provisions Ksh277million, rental charges Ksh169.9 million, and staff costs ksh572.3 million.
Family Bank Group assets grew to Ksh82.49 billion for the period ending March 31, 2020 compared to Ksh70.22 billion in March 2019. Customer deposits grew 18% to KSh 61.35 billion in the first quarter of 2020 fromKSh51.99 in Q1 of 2019.
The loan book grew from Ksh45 billion in March 2019 to Ksh53 billion in March 2020, representing an increase of KSh 7.4 billion. Total non-performing loans and advances grew to Ksh7.8 billion for the period under review from Ksh7.1 billion as of March 2019.
The board approved the payment of an interim dividend of Ksh0.24 per ordinary share, subject to withholding tax where applicable.