Family Bank posts 348% increase in net profit for Q1

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Source: the-star.co.ke, By Elizabeth Kivuva
In Summary

Family Bank has announced a 347.9 per cent increase on net earnings for the first quarter of 2019 to Sh160.82 million compared to Sh35.89 million made in previous quarter

• The Bank’s chairman Wilfred Kiboro attributed the improved performance to a renewed confidence from the its customers and outcome of the bank’s innovation-driven strategy

Family Bank has announced a 347.9 per cent increase on net earnings for the first quarter of 2019.

In the Q1 results, the bank posted profits at Sh160.82 million compared to Sh35.89 million made in previous quarter.

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Net interest margin grew by 14 per cent to Sh1.14 billion due to a higher interest income from accelerated lending activity.

Non-interest income from fees and commissions also grew 10 per cent to Sh652 million, driven by increased bank’s digital channels.

The bank registered a growth in deposit book during the period, enlarging by 11 per cent to hit Sh 52 billion from Sh47 billion reported in the same period last year.

The loan book grew by Sh1.4 billion to Sh45.6 billion for the period ending March 30.

The bank’s chairman Wilfred Kiboro attributed the improved performance to a renewed confidence from the its customers and outcome of the bank’s innovation-driven strategy.

“We are optimistic about our prospects for 2019 and beyond. We have put in place a customer-centred strategy, pegged on leveraging on technology, promotion of business-to-business solutions for SMEs and a renewed focus on specific value chains,” Kiboro said.

The first quarter performance affirms Family Bank’s full turnaround from loss-making territory in 2017.

 

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