Family Bank reported a 43.7% rise in profit before tax to Ksh1.05 billion for the first quarter of 2022, compared to Ksh728.8 million in the same period in 2021. This growth stemmed from a 13.5% increase in net interest income to Ksh2.05 billion and a 4% reduction in operating expenses to Ksh1.72 billion.
The bank attributed improved economic conditions and stronger customer repayment capabilities to lower loan loss provisions. Technology investments also contributed to operational efficiency gains, according to the report.
Total assets reached Ksh122.3 billion by March 2022, a 28.9% year-on-year increase. This followed growth in the loan book to Ksh72.6 billion and expanded government securities holdings driven by improved liquidity and capital positioning.
Customer deposits rose to Ksh89.4 billion from Ksh72.6 billion in March 2021. CEO Rebecca Mbithi stated, "This strong growth demonstrates the bank’s capacity to support key customer segments." She added, "Our five-year strategy and transformation program remain focused on scaling efficiently to build a value-driven ecosystem."
