This archive report was first published on 22 May 2020.
Family Bank's net profit in the first quarter of 2020 surged 85% to KSh297.9 million, a significant increase from the KSh160.83 million recorded in the first quarter of 2019.
The lender's operating income grew to KSh2.13 billion, up from KSh1.79 billion in Q1 2019, while total interest income rose to KSh2.0 billion compared to KSh1.6 billion in Q1 2019.
Interest income from loans and advances grew to KSh1.7 billion during the first quarter of 2020, up from KSh1.4 billion in the same period in 2019. Non-interest income from fees and commissions and foreign exchange trading jumped to KSh714.8 million, a KSh63.1 million increase from the same period in 2019.
However, total operating expenses increased to KSh1.71 billion, driven by higher loan loss provisions, rental charges, and staff costs. Family Bank Group assets grew to KSh82.49 billion for the period ending March 31, 2020, compared to KSh70.22 billion in March 2019.
Customer deposits grew 18% to KSh61.35 billion in the first quarter of 2020, from KSh51.99 billion in Q1 2019. The loan book grew from KSh45 billion in March 2019 to KSh53 billion in March 2020, representing an increase of KSh7.4 billion.
Despite this growth, total non-performing loans and advances grew to KSh7.8 billion for the period under review, from KSh7.1 billion as of March 2019. The board approved the payment of an interim dividend of KSh0.24 per ordinary share, subject to withholding tax where applicable.
