Net interest income pushes Family Bank’s 2022 Q1 profit up 43.7% to Ksh.1 billion
Family Bank’s pretax profit surged by 43.7 percent in the first quarter of 2022 to Ksh.1.05 billion from Ksh.728.8 million that was recorded same period last year.
This was because of Net interest income which increased by 13.5 percent to Ksh.2.05 billion. Operating expenses registered a 4 percent reduction to Ksh.1.72 billion.
“As a Bank, we continue to be guided by our five-year strategy and we remain focused on our transformation program to optimally gain size, and scale up efficiently as we seek to build an ecosystem that drives value to our customers,” said Family Bank Chief Executive Officer Rebecca Mbithi.
Net interest income was supported by a reduction in loan loss provisions reflecting an improvement in the economy and customers’ ability to service their loans and a reduction in the overall operating expenses from the operational efficiencies from continued investments in technology.
Family Bank’s total assets grew to Ksh.122.3 billion, a 28.9 percent increase from a similar period last year.
The growth was driven by the continued expansion of the Bank’s loan book to Ksh.72.6 billion and investments in government securities owing to improved liquidity, efficiency and capital.
Customer deposits closed at Ksh.89.4 billion up from Ksh.72.6 Billion in March 2021.