NAIROBI, Kenya, July 27 – Family Bank Group profit after tax in the full year ending December last year grew by 13.3 percent to Sh2.5 billion on the back of increased interest and non-interest incomes.
Net profit improved by Sh300 million from Sh2.2 billion that was earned during a similar period in 2022.
Whereas net interest income grew by nine percent, non-interest revenue expanded by 19 percent, contributing to a 12 percent growth in net operating income.
The lender’s Chief Executive Officer and Managing Director, Nancy Njau, expressed confidence in the group’s resilience and growth prospects amidst market challenges.
“2023 was a tough year for businesses as we experienced high interest rates, a weaker shilling and sky-high inflation,” Njau said.
“As a Group we continued focusing on building and strengthening relationships with our customers and employees,” she added.
“We believe that the tough part of the operating environment is behind us, and we are well positioned to take advantage of the market segments we operate in as the market turns.”
However, its operating expenses rose by 14 percent, mainly due to inflation and technology-related costs.
Loan loss provisions surged by 180 percent, reflecting prudent credit risk management.
The group’s total assets reached Sh142.4 billion, with deposits growing by 15.4 percent.
Similarly, investments in government securities increased by 35 percent, and net loans to customers grew by 6.8 percent.
