Family Bank has reported growth in earnings for in Q3 of 2020

Family Bank has posted KES 1.4 Billion Profit Before Tax for the nine months ending September 30, 2020. Customer deposits grew by 15.2 per cent to KES 69.4 Billion while the loan book grew by 14.9 per cent compared to the same period in 2019 closing at KES 56.7 Billion. Total assets grew by 13.7 per cent to KES 89.8 Billion compared to KES 78.9 Billion during the same period last year.

The net interest income grew by 27.0 per cent to KES 4.6 Billion compared to KES 3.6 Billion recorded in the same period last year with income from loans and advances and government securities having played a key role in the growth. In addition, the operating income expanded by 16.6 per cent to KES 6.6 Billion from the previous KES 5.6 Billion.

“Our main focus at the Bank has been solely how to support our customers in the face of the COVID-19 pandemic. The numerous interventions that we have taken in this regard include restructuring and moratoriums on loans, waiving fees on digital transactions and building the capacity of our customers in the SME sector. We are glad to have managed this effectively and still be able to increase our income in such times of uncertainty,” said Family Bank CEO Rebecca Mbithi.

She added that Family Bank has signed some key strategic partnerships that have positively impacted customers. They include a financing deal with Wellwise Solutions benefitting SMEs in the health sector seeking financing. Family Bank also signed a partnership with Performeter Agribusiness Limited setting aside Ksh1 Billion to fund fodder production for dairy farmers in cooperatives. 

Odipo Riaga
Managing Editor at KachTech Media
Odipo Riaga on FacebookOdipo Riaga on Linkedin
See also  Women are the most affected by political intolerance

You may also like...