Family Bank Group recorded a 33.2 per cent rise in net profit for the nine months to September 2022 on strong partnerships and growth in non-interest income.
The lender’s profit after tax grew to KES 2.4 billion in the period, up from KES 1.8 billion during a similar period last year.
Whereas the Group’s loan book expanded by 22.7 per cent to KES 79.8 billion, customer deposits increased by 13.8 per cent to KES 92.7 billion in the period under review.
Similarly, non-interest income grew by 22.4 per cent to close at KES 2.7 billion for Q3’2022, supported by a strong capital base.
“As a Bank, we continue to create a healthy operating environment that provides consistent growth and profitability to our customers as we build a sustainable business that goes beyond profit,” Family Bank CEO Rebecca Mbithi.
Net interest income increased by 9.8 per cent to KES 6.2 billion, supported by an increase in interest income on loans and advances and government securities which grew by 16.6 per cent and 40.7 per cent, respectively.
Also, non-funded income increased by 22.4 per cent from KES 2.3 billion to KES 2.7 billion for the period under review, with income from fees and commissions registering a decline of 50.1 per cent to stand at KES 84.6 million.
Total operating expenses slightly increased by 3.6 per cent to KES 5.5 billion from KES 5.3 billion.
Loan loss provisions registered a 42.1 per cent reduction to close at KES 469.6 million.
Read also; Family Bank Group Net Earnings up 71.2% to KES 510 Million in Q1, 2021.
