Family Bank Group has posted a Sh1.6billion net profit in the first six months of 2022, a 37.4 per cent increase compared to Sh1.1 billion registered in the same period in 2021.
The profit growth was driven by a 24 per cent growth in net interest income to Sh6.1billion from Sh4.9billion.
This growth was in line with the loan book growth of 19.3 per cent closing at Sh75.6billion up from Sh63.4billion in June 2021.
Digitization and income diversification saw the non-funded income grow by 21 per cent from Sh1.5 billion to Sh1.9 billion.
“We continue to focus on supporting our customers across diverse sectors of our economy through partnerships, digitization and other innovative solutions that provide a compelling value proposition for them. We have seen a growth in loans and advances as we continue to on-lend to our customers to support business and personal growth.,” Family Bank CEO Rebecca Mbithi.
Further, the Bank’s efficiency investments continued to pay off, which saw the operating expenses increase marginally by 2 per cent to Sh3.6 billion in June 2022, up from Sh3.5 billion in June 2021.
Total deposits increased by 19 per cent to close at Sh90.7 billion from Sh76 billion in June 2021, while total assets increased by 24 per cent from Sh100 billion to Sh124 billion in June 2022.