This archive report was first published on 26 November 2019.
Published on November 26, 2019, Family Bank reported a substantial rise in pre-tax profits, reaching KSh 1 billion at the end of the third quarter of 2019.
The bank's net earnings for the nine-month period stood at KSh 704.6 million, a notable improvement from KSh 187.7 million in 2018.
Family Bank's balance sheet grew significantly, increasing in value to KSh 79 billion from KSh 68.8 billion in the previous year.
Interest income rose to KSh 5.2 billion, driven by increased income from loans and investments in government paper.
Customer deposits also saw a notable increase, rising from KSh 47.9 billion in September 2018 to KSh 60.2 billion.
Family Bank CEO Rebecca Mbithi attributed the growth to customer support and the bank's strong capital position, despite adopting the IFRS 9 Accounting Standard.
