By Vera Shawiza
Family Bank posted KES 1.4 Billion Profit
Before Tax for the nine months ending
September 30, 2020.
Customer deposits grew by 15.2 per cent to
KES 69.4 Billion while the loan book grew by
14.9 per cent compared to the same period in
2019 closing at KES 56.7 Billion. Total assets
grew by 13.7 per cent to KES 89.8 Billion
compared to KES 78.9 Billion during the same
period last year.
The net interest income grew by 27.0 per cent
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 per cent to KES 6.6 Billion
from the previous KES 5.6 Billion.
“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
Ksh1 Billion to fund fodder production for dairy
farmers in cooperatives.
Family Bank prides itself in growing a very
strong retail customer base with a key focus in
SME Banking. From only one branch in 1985,
the Bank has grown over time and currently
enjoys a branch network of 90 branches, 4,000
bank agents and over 10,000 merchants
countrywide.
Family Bank was the first bank in Kenya to
introduce paperless banking through smart
card technology that enabled customers to
transact without having to fill in deposit or
withdrawal slips. In 2010, Family Bank was the
first bank to introduce mobile banking in Kenya
and in 2016 the first to launch mVisa service in
Africa.
The Bank has received numerous awards
including the Think Business Fastest Growing
Bank Award three years in a row between 2013
and 2015, the Think Business Best Bank in
Micro-Finance Award, 1st Runner-up in 2013
and 2014. In 2017, the Family Bank was feted
as the Best SME Bank in Kenya at annual
Banker Africa Awards, East Africa – an award
initiative for financial institutions in Africa.
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