Family Bank disclosed a Ksh 1.05 billion pre-tax profit for the first quarter of 2022, reflecting a 43.7% year-on-year increase from Ksh 728.8 million recorded in the same period of 2021, according to internal financial reports.
The results showed a 13.5% rise in net interest income to Ksh 2.05 billion, alongside a 4% reduction in operating expenses to Ksh 1.72 billion. This performance was attributed to improved economic conditions and enhanced loan repayment capabilities among customers, which lowered loan loss provisions.
The bank’s total assets reached Ksh 122.3 billion by March 2022, up 28.9% compared to the previous year. Loan portfolios expanded to Ksh 72.6 billion, while customer deposits grew to Ksh 89.4 billion from Ksh 72.6 billion in March 2021, driven by increased liquidity and investment in government securities.
CEO Rebecca Mbithi highlighted the growth as evidence of the bank’s strategic focus on key market segments. "Our five-year plan and transformation initiatives continue to drive efficiency and value creation for stakeholders," she stated, emphasizing ongoing technology investments and operational streamlining.
