Family Bank Records Ksh 3.3 Billion profit before Tax

Family Bank CEO Rebecca Mbithi [Photo: Soko Directory]

Family Bank Group recorded a 3.3 billion shilling profit before tax for the financial year 2021.

This marks a 131.6 percent growth in earnings.

“2021 was a recovery year for the Bank. Our overall growth demonstrates the Group’s resilience and recovery of our customers from the COVID-19 pandemic effects. In 2021, we continued to support our customers, increased and accelerated loan disbursements, and achieved growth in all our key parameters.  We continue to provide innovative products and superior customers experience which has seen our customers recognize us as the Best Bank in Customer Responsiveness and Digital Experience in 2022 during Kenya Bankers Awards,” says Family Bank CEO Rebecca Mbithi.

The growth in earnings was largely driven by an increase in interest income, marginal growth in interest expenses, and operating expenses coupled with a reduction in the loan loss provisions.

The Group’s total assets grew by 23 percent to close at 111.7 billion shillings.

This was driven by net loans and advances which expanded by 18.2 percent to 66.9 billion shillings, while investment in government securities increased by 45 percent to 24.7 billion shillings on account of improved liquidity. 

Customer deposits increased by 17 percent to 81.9 billion shillings.

Net interest income grew by 20.8 percent to 7.8 billion shillings from 6.4 billion shillings in 2020.

The bank’s total non-funded income grew by 12.9 percent to 3.0 billion shillings, marking a growth of 19.7 percent to stand at 2.1 billion shillings.

The Group’s operating expenses decreased by 2.8 percent to 7.5 billion shillings from 7.7 billion shillings.

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