Family Bank Group has 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 in2021.
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.