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Bank records Sh2.3billion profit before tax

Family Bank Group has posted a Sh2.3 billion profit before tax in the first six months of 2022.

This is a remarkable 37.4 percent increase in profit before tax compared to Sh1.7 billion registered in the same period in 2021.

Speaking Tuesday in Nairobi, Family Bank Chief Executive Officer (CEO) Rebecca Mbithi said the profit growth was driven by 24 percent growth in net interest income to Sh6.1 billion from Sh4.9 billion. This growth was in line with the loan book growth of 19.3 percent closing at Sh75.6 billion up from Sh. 63.4 billion in June 2021.

She noted that digitization and income diversification saw the non-funded income grow by 21 percent from Sh1.5 billion to Sh1.9 billion.

Further, the Bank’s investments in efficiencies continued to pay off which saw the operating expenses increase marginally by 2 percent to Sh3.6 billion in June 2022 up from Sh3.5 billion 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 the CEO.

Mbithi stated that total deposits increased by 19 percent to close at Sh90.7 billion from Sh76 billion in June 2021 while total assets increased by 24 percent from Sh100 billion to Sh124 billion in June 2022.

By Catherine Muindi

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