NAIROBI, Kenya, May 26 – Family Bank has recorded a Sh1.04 billion profit before tax for three months ending March on account of rising interest income.
Profit was buoyed by a 13.6 percent growth to Sh3.4 billion in interest income.
Non-interest earning, comprising fees and commissions, also went up to Sh995.8 million, representing a 39.2 percent rise.
“The operating environment has been tough but the bank’s capital position and continued prudent risk management practices will see the Group ride the storm and continue taking advantage of the bankable opportunities in the market,” Rebecca Mbithi, the Bank’s CEO and Managing Director said.
Total assets increased from Sh122.3 billion to Sh131.9 billion on growing customers deposits that increased 3.7 percent to Sh92.8 billion.
“The Group continued to invest in modernizing its technology platforms, talent and on process improvements which saw the banks operating expenses increase by 15.9%,” the Bank said in a statement.
“These continued investments are expected to bear fruits within the next 12 months.”
