This archive report was first published on 23 May 2020.
On May 23, 2020, Family Bank announced a significant improvement in its financial performance, with a net profit of Sh297 million for the three months to March 31.
This represents an 85.6% increase compared to the same period last year, when the lender recorded a net profit of Sh160 million.
The bank's total operating income stood at Sh2.13 billion for the period, boosted by foreign exchange trading, which rose to Sh2.13 billion from Sh1.79 billion in the first quarter of 2019.
Family Bank's assets grew to Sh82.5 billion, up from Sh78.9 billion as of December 31, 2019, primarily due to an increase in loans and advances to customers.
However, non-performing loans continued to rise, increasing from Sh8.24 billion in December 2019 to Sh9 billion by the end of the first quarter of this year.
The bank's board of directors approved the payment of an interim dividend of Sh0.24 per ordinary share of Sh1 each, subject to withholding tax where applicable.
