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Family Bank 3rd Quarter Profit Before Tax Flat at Kes 1.4 Billion

Family Bank Kenya Limited on Friday reported a Kes 1.4 billion Profit Before Tax for the nine month period ending September 30, 2020.

The net interest income grew by 27.0 percent to Kes 4.6 billion compared to Kes 3.6 billion recorded in the same period last year with income from loans and advances and government securities having played a key role in the growth. In addition, the operating income expanded by 16.6 percent to Kes 6.6 billion from the previous Kes5.6 billion.

The bank’s customer deposits grew by 15.2 percent to Kes 69.4 Billion while the loan book grew by 14.9 percent compared to the same period in 2019 closing at Kes 56.7 Billion. Total assets grew by 13.7 percent to Kes 89.8 Billion compared to Kes 78.9 Billion during the same period last year.

“Our main focus at the Bank has been solely how to support our customers in the face of the COVID-19 pandemic. The numerous interventions that we have taken in this regard include restructuring and moratoriums on loans, waiving fees on digital transactions and building the capacity of our customers in the SME sector. We are glad to have managed this effectively and still be able to increase our income in such times of uncertainty,” said Family Bank CEO Rebecca Mbithi.

She added that Family Bank has signed some key strategic partnerships that have positively impacted customers. They include a financing deal with Wellwise Solutions benefitting SMEs in the health sector seeking financing.

Family Bank also signed a partnership with Performeter Agribusiness Limited setting aside Sh1 billion to fund fodder production for dairy farmers in cooperatives.