Family Bank has recorded Sh1.05 billion profit before tax for the first three months of 2022, marking a 43.7 per cent growth in earnings up from Sh728.8 million recorded in March 2021.
The growth was primarily driven by net interest income which increased by 13.5 per cent to Sh2.05 billion. Operating expenses registered a 4 per cent reduction to Sh1.72 billion.
“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, scale up efficiently as we seek to build an ecosystem that drives value to our customers,” Rebecca Mbithi, the CEO family bank said.
According to the bank, the increase was attributed by a reduction in loan loss provisions that reflected an improvement in the economy and customer’s ability to service their loans and a reduction in the overall operating expenses from the operational efficiency from continued investments in technology.
Commenting on the results, Mbithi noted that total assets continue to grow at Sh122.3 billion, a 28.9 per cent increase from the similar period last year.
The growth was driven by the continued expansion of the Bank’s loan book to Sh72.6 billion and investments in government securities owing to improved liquidity, efficiency and capital.
Customer deposits closed at Sh89.4 billion up from Sh72.6 billion in March 2021.
The lender takes prides in growing a strong retail customer base with a key focus in SME banking anchored on the positive transformation of people’s lives in Africa.