Connect with us

News

Family Bank Records Rise in Earnings to Kes.3.3B Profit Before Tax in 2021

Published

on

By Shadrack Nyakoe  

Family Bank Group “The Group” has recorded a KES 3.3 billion profit before tax for the year ended 31 December 2021, marking a 131.6% growth in earnings.

The growth in earnings was largely driven by an increase in interest income, marginal growth in interest expenses and operating expenses coupled with a reduction in the loan loss provisions.

The Group’s total assets grew by 23% to close at KES 111.7 billion driven by net loans and advances which expanded by 18.2% to KES 66.9 billion while investment in government securities increased by 45% to KES 24.7 billion on account of improved liquidity. Customer deposits increased by 17% to KES 81.9 billion.

Net interest income grew by 20.8% to KES 7.8 billion from KES 6.4 billion in the Year 2020. Total non-funded income grew by 12.9% to KES 3.0 billion with income from other fees and commissions registering a growth of 19.7% to stand at KES 2.1 billion despite the continued zero-rating of mobile transaction offerings.

The Group’s operating expenses decreased by 2.8% to KES 7.5 billion from KES 7.7 billion mainly driven by prudent management of operating costs and a reduction in loan loss provisions.

“2021 was a recovery year for the Bank. Our overall growth demonstrates the Group’s resilience and recovery of our customers from the COVID-19 pandemic effects. In 2021, we continued to support our customers, increased and accelerated loan disbursements and achieved growth in all our key parameters.  We continue to provide innovative products and superior customers experience which has seen our customers recognize us as the Best Bank in Customer Responsiveness and Digital Experience in 2022 during Kenya Bankers Awards,” said Family Bank Chief Executive Officer Rebecca Mbithi.

Family Bank CEO Rebecca Mbithi

On the back of the strong performance, the Directors have proposed KES 1.1 billion (KES 0.83 per Share) dividend pay-out subject to the Shareholders’ approval during the Annual General Meeting to be held on 29 April 2022.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Entertainment

Journalist Hassan Mugambi set to wed former video vixen Mwanaidi

Published

on

By Wanja Waweru

Hassan Mugambi, a reporter for Citizen TV, is getting hitched to Mwanaidi Shishy.

A celebration that the journalist will host will be attended by close relatives and friends.

Friends of Mugambi congratulated him on his impending nuptials on social media.

His colleague and fellow journalist Ayub Abdikadir sent him well wishes as he started his married life.

Former video vixen Mwanaidi now runs the Mama Nilishe restaurant in Kilimani, which serves Swahili food.

Mugambi is a well-known journalist who has won numerous honors over his career.

His career began at the Kibra radio station Pamoja FM, and it later moved to CGTN, formerly CCTV.

Later, he was hired by K24, a channel owned by Mediamax, before switching to Citizen TV in 2017.

Mugambi won the Outstanding Media Security Investigative Award for the year 2019.

He received praise from the Protective and Safety Association of Kenya (PROSAK) for his excellent and dependable reporting on security issues in the nation.

At the Nairobi Security Expo in 2023, he received the Security and Crime Reporter of the Year 2023 honor.

Continue Reading

News

Eric Omondi flies to London for lunch to prove a point to Moses Kuria

Published

on

By Wanja Waweru

The Trade Cabinet Secretary Moses Kuria has received criticism from content creator and comedian Eric Omondi for admitting that he regretted supporting his tour to the United States seven years ago.

Eric, who has argued forcefully against the Finance Bill 2023, has gone to London “for lunch” to show Mr. Kuria that he can afford to pay for his travel expenses.

The comedian pleaded with the CS in a post on his Instagram account not to accept the planned taxation of content producers so that they may also travel in Business Class without receiving financial help from politics.

“After hearing Moses Kuria speak, I decided to take myself to London just for Lunch and also thank God for how far He’s brought us. Thank you bwana Kuria for sponsoring my tour seven years ago but please don’t tax content creators 15% so that they are able to tour on their own,” he said.

Mr. Kuria criticized Eric on live television on Wednesday at the Citizen TV-hosted Big Conversation debate for criticizing the government regarding the draft Bill.

He expressed sorrow over what he claimed to have funded Eric for a vacation to the US seven years prior, claiming that he might have instead had fun with the money.

“I have heard Eric Omondi claiming he is a youth. Seven years ago I used my own money to take him to America to expose him and right now, according to the way he is talking, I wished I used that money to party because it doesn’t seem like he learned anything from it,” Mr Kuria said from Belarus.

Continue Reading

Health

Kakamega family demands justice after botched treatment leads to 3-year-old losing five fingers

Published

on

By Wanja Waweru

A family from Bukhaywa village, Lurambi Constituency, Kakamega county, is calling for justice after their three-year-old son’s right hand was amputated of all the fingers due to improper treatment.

“My son had a burn on his left hand and was in a stable condition when we took him to hospital, but because of the doctor’s negligence, all his right fingers were cut off and he is disabled now,” the victim’s father Mr Zephaniah Likavo said.

Winnie Auma, the mother of the victim, claimed that the nurse was an intern who gave her son an incorrect drug injection. When she witnessed how the son’s body responded, she reported the incident to the doctor, but nothing was done about it.

“My son was crying in pain and the colour of his hand changed. I wondered what was happening and reported to the doctor, but no action was taken. Instead, he said it was normal for such a reaction to happen,” she said

The family claims they received word shortly after that their son’s fingers would need to be amputated in order to stop an infection.

The management of the hospital refuted the accusations, claiming that the family had moved their son to a different facility where his fingers had been severed.

“We treated their son and there was a challenge in finding the vein in the hand, so it affected his fingers and later they wanted a transfer to another hospital for specialised treatment. That’s where they amputated the fingers,” the official said.

Continue Reading

Trending