Family Bank Records 1.1 Billion Profit before Tax for the First Quarter of 2022
By Shadrack Nyakoe
Family Bank “The Group” has recorded a KES 1.05 billion Profit Before Tax for the first three months of 2022, marking a 43.7% growth in earnings up from KES 728.8 million recorded in March 2021.
The growth was primarily driven by Net interest income which increased by 13.5 % to KES. 2.05 billion. Operating expenses registered a 4% reduction to Kes 1.72 billion.
This was supported by a reduction in loan loss provisions reflecting an improvement in the economy and customers’ ability to service their loans and a reduction in the overall operating expenses from the operational efficiencies from continued investments in technology.
Commenting on the results, the Bank’s Chief Executive Officer, Rebecca Mbithi noted that total assets continue to grow at KES 122.3 billion, a 28.9% increase from the similar period last year.
The growth was driven by the continued expansion of the Bank’s loan book to KES 72.6 billion and investments in government securities owing to improved liquidity, efficiency, and capital. Customer deposits closed at Kes 89.4 billion up from Kes 72.6 Billion in March 2021.
“This strong growth is a clear demonstration of the Bank’s ability to continue supporting customers in the key segments which we serve. As a Bank, we continue to be guided by our five-year strategy and we remain focused on our transformation program to optimally gain size, and scale up efficiently as we seek to build an ecosystem that drives value to our customers,” she concluded.