FAMILY BANK RISE IN PROFIT MARGINS
Family Bank’s net profit for the first six months has grown exponentially. It has grown at a rate of 83.9 percent to Sh1.17 billion. This has been driven by growth in interest and non-interest income as operating costs cut across.
The half-year profit is equivalent to 95 percent of the Sh1.16 billion that Family Bank had posted in the full year, which ended in December 2020.
Net interest income grew by 25 percent to hit Sh3.69 billion coming on the back of the loan book growing 12 percent to Sh63.98 billion.
Non-interest income, mainly related to fees and commissions, grew from 18.2 percent to Sh1.52 billion helping the bank to post improved performance in the first half ending June 2021.
Operating expenses rose by 4.6 percent to Sh3.54 billion. This has been partly driven by a 36 percent rise in loan loss provision to Sh614.9 million.