Family Bank records Ksh.3.5B pretax profit

Family bank group recorded a 33.2 per cent rise in net profit for the nine months to September 2022, buoyed by strong partnerships and growth in non-interest income. The lender’s profit after tax grew to Ksh2.4 billion in the period, up from sh1.8 billion during a similar period last year. The bank’s loan book expanded by 22.7% to sh79.8 billion, customer deposits increased by 13.8 per cent to sh92.7 billion in the period under review. Similarly, non-interest income grew by 22.4% to close at sh2.7 billion supported by a strong capital base. Net interest income increased by 9.8% to ksh6.2 billion, supported by an increase in interest income on loans and advances and government securities which grew by 16.6% and 40.7% respectively.