Family Bank has posted an impressive KES 1.440 Billion Profit Before Tax for the group for the Full Year 2020 against KES 1.422 Billion in 2019, a 1.3% growth, demonstrating the Bank\u2019s resilience amidst a challenging operating environment.<\/p>\n
The Group reported a 14.9% growth in the total assets to KES 90.6 Billion with customer deposits registering a growth of 20.3% to KES 69.8 Billion for the period under review. Investments in government securities increased by 65.9% from KES 10.2 Billion to KES 17 Billion. This boosted the Bank\u2019s liquidity position to 37.1%, significantly above the minimum requirement of 20%.<\/p>\n
\u201cOur loan book expanded by 11.8% year on year to close at KES 56.6 billion as we continued to support our customers who saw new opportunities despite the COVID-19 pandemic. This support was in diverse sectors such as manufacturing, agribusiness, trade, logistics and technology,\u201d said Family Bank Chief Executive Officer Rebecca Mbithi.<\/p>\n
Net interest income grew by 28.4%, a KES 1.4 Billion growth to KES 6.4 Billion compared to KES 5 Billion in a similar period in 2019. The Bank\u2019s operating expenses increased by 20.2% to KES 7.6 Billion from KES 6.3 Billion mainly driven by loan loss provisions which increased by more than 2.5 times from KES 734 Million in 2019 to KES 1.62 Billion in 2020, a significant increase on a year-on-year basis. Total non-funded income dropped by 4% to KES 2.7 Billion partially owing to the waiver on mobile transaction fees to cushion our customers against the adverse effects of the coronavirus pandemic.<\/p>\n
\u201cLooking ahead, our 2020 to 2024 strategy continues to be pegged on delivering end to end value chain propositions that begin from delivering an unmatched digital and customer experience, growing our pool of strategic partners to diversifying solutions targeted at different customers in our value chain. We are also deliberate in building a sustainable and responsible business. As such, we have joined the UN Global Compact and to which we have committed KES 300 Million to advance inclusive development,\u201d added Ms. Mbithi.<\/p>\n
The Group recorded a decline in net non-performing loans of 11.4% to close at KES 3.9 Billion. Profit After Tax for the full year in review was at KES 1.2 Billion, 22.4% earnings in growth compared to the same period in 2019.<\/p>\n
The Bank has restructured loans of over KES 16 billion as it seeks to support MSMEs during the coronavirus pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"
Family Bank has posted an impressive KES 1.440 Billion Profit Before Tax for the group for the Full Year 2020 against KES 1.422 Billion in 2019, a 1.3% growth, demonstrating the Bank\u2019s resilience amidst a challenging operating environment. The Group reported a 14.9% growth in the total assets to KES 90.6 Billion with customer deposits […]<\/p>\n","protected":false},"author":1,"featured_media":2736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsfeed"],"acf":[],"yoast_head":"\n