FAMILY BANK PROFIT INCREASES TO 2.3B BEFORE TAX IN THE FIRST HALF OF 2022

FAMILY BANK PROFIT INCREASES TO 2.3B BEFORE TAX IN THE FIRST HALF OF 2022

By Grace Wangari

Family Bank Group posted a KES. 2.3

billion Profit Before Tax in the first

six months of 2022. This is a remarkable

37.4 % increase in Profit before tax

compared to KES 1.7 billion registered

in the same period in 2021.

The profit growth was driven by 24%

growth in net interest income to KES 6.1

billion from KES 4.9 billion. This

growth was in line with the loan book

growth of 19.3 % closing at KES. 75.6

billion up from KES. 63.4 billion in

June 2021.

Digitization and income diversification

saw the non-funded income grow by 21%

from KES 1.5 billion to KES 1.9 billion.

Further, the Bank’s investments in

efficiencies continued to pay off which

saw the operating expenses increase

marginally by 2% to KES 3.6 billion in

June 2022 up from KES 3.5 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 Family Bank CEO Rebecca Mbithi.

Total deposits increased by 19% to close

at KES 90.7 billion from KES 76 billion

in June 2021 while total assets

increased by 24% from KES 100 billion to

KES 124 billion in June 2022.