Family Bank Group has posted a 2.3 billion shillings Profit Before Tax in the first six months of 2022. This is a remarkable 37.4 percent increase in Profit before tax compared to 1.7 billion shillings registered in the same period in 2021.
The profit growth was driven by a 24 percent growth in net interest income to 6.1 billion shillings from 4.9 billion shillings. This growth was in line with the loan book growth of 19.3 percent closing at 75.6 billion shillings up from 63.4 billion shillings in June 2021.
Digitization and income diversification saw the non-funded income grow by 21 percent from 1.5 billion shillings to 1.9 billion shillings.
Further, the Bank’s investments in efficiencies continued to pay off which saw the operating expenses increase marginally by 2 percent to 3.6 billion shillings in June 2022 up from 3.5 billion shillings in June 2021.
“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.,” said Family Bank CEO Rebecca Mbithi.
Total deposits increased by 19 percent to close at 90.7 billion shillings from 76 billion shillings in June 2021 while total assets increased by 24 percent from 100 billion shillings to 124 billion shillings in June 2022.