Family Bank net profit up 33% to Ksh.1.6 billion in six months to June

Family Bank net profit surged by 33 percent to Ksh.1.6 billion in six months to June this year.

This was supported by improved income on the back of greater lending in the period.

Its total income in the six months jumped by 13.5 percent to Ksh.5.9 billion from Ksh.5.2 billion on improving revenue streams.

Net interest income rose from Ksh.3.7 billion to Ksh.4.1 billion while Non-interest Funded Income (NFI) was higher at Ksh.1.9 billion from Ksh.1.5 billion.

Nevertheless, the bank saw a marginal rise in costs to Ksh.3.6 billion from Ksh.3.5 billion despite a trim on loan-loss provision costs.

The negligible rise in expenses has been primarily driven by higher staff costs.

During the six months, Family Bank continued to mark an expansion of its balance sheet with assets closing the reporting period at Ksh.124.3 billion from Ksh.101.1 billion.

The bank’s net loans and advances to customers stood at Ksh.75.6 billion while customer deposits rose to Ksh.90.7 billion from Ksh.76 billion in the period.

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