Family Bank reported a full year net loss of Sh 1.0 Billion in line with their earlier profit warning announcement that earnings would potentially dip by more than 25%. This is a major dip compared to the previous year when the lender posted a profit of Sh 352 million, which was also a drop of 82%.
Net interest income declined by 37.7 percent to Sh 4.38 billion from Sh 7 Billion posted in the previous year while non-interest income grew slightly to Sh 2.2 billion from Sh 2 billion in 2016.
The total operating income for the period fell to Sh 6.5 Billion from Sh 9.13 Billion in 2016. Operating expenses on the other hand fell slightly to Sh 7.9 Billion from Sh 8.46 Billion in 2017. The bank posted a loss before tax of Sh 1.36 Billion from a profit of Sh 664.6 Million in full year 2016.
Loans and advances to customers declined by about Sh 7 Billion to Sh 43.4 Billion as income from loans fell by 43% to Sh 6.1 Billion.
Total Non-Performing Loans and Advances increased by Sh 2.3 Billion to Sh 8.36 Billion while total insider loans fell from Sh 3.8 billion to Sh 3.2 Billion.
