Pre-tax profits for Family Bank Group rose to KSh 1.0 billion at the end of the third quarter of this year. This is compared to KSh 269.87 million over a similar period last year.
The bank, with customers estimated at more than 1.8 million, posted net earnings of KSh 704.6 Million at the end of nine months of this financial year. This is compared to KSh 187.7 Million made over a similar period in 2018.
This profitability was driven by significant growth in the size of its balance sheet which rose in value to KSh 79 billion up from KSh 68.8 billion last year.
Total interest income grew from KSh 4.8 billion to KSh 5.2 billion, driven by increased income from loans and advances to customers, investment in government paper.
Customer deposits increased from KSh 47.9 billion in September 2018 to KSh 60.2 million.
“Since Q3 of 2018, our earnings have been on steady growth and we thank our customers for the continued support cemented by the growth in their uptake of our products and services. We continue to maintain a strong capital position despite the adoption of IFRS 9 Accounting Standard,” said Rebecca Mbithi, Family Bank CEO.
