This archive report was first published on 25 November 2019.
Published on November 25, 2019, Family Bank and Ecobank have reported impressive profits for the third quarter of the year.
Family Bank has overcome market headwinds to post a remarkable 200% increase in profit for the third quarter, attributing its success to aggressive deposit mobilization and prudent cost management. The bank's profit after tax rose to Sh704.6 million as of September 30, up from Sh187.7 million in the same period last year.
Family Bank's Chief Executive, Rebecca Mbithi, attributed the growth to crucial reforms implemented by the bank. She noted that the company's operating income grew by 14% from Sh4.9 billion to Sh5.6 billion, while its loan book expanded from Sh44.5 billion to Sh49.3 billion in the nine months to September.
Ms. Mbithi also highlighted the bank's adoption of digital channels, which saw 70% of critical transactions conducted online, including loan advances that reached Sh1.5 billion as of July last year.
Ecobank, on the other hand, reported a profit after tax of Sh158.3 million, up from Sh68 million in the same period last year.
