Family Bank has registered an impressive Ksh. 187.8 million net profit in the nine months ending September. The net profit is remarkable as they had registered Ksh. 743.1 million loss in 2017.
Net loans and advances to customers grew by Ksh. 190.8 million to Ksh. 44.6 billion while net interest income grew by 5.5% to Ksh. 3.1 billion. Interest from government securities also grew by 8.1% to Ksh. 567.9 million.
Total operating expenses went down by 15.4% to Ksh. 4.7 billion. Staff costs reduced by 19.3% to Ksh. 1.3 billion. Customer deposits decreased slightly by 0.5% to Ksh. 47.9 billion.
“We continue to refine our business model to drive cost management, lean processes and product optimization to provide value to our customers and to our shareholders. As witnessed in our financial results this year, the strategy continues to improve our bottom line having consistently posted profit this year,” said Family Bank Acting Managing Director and Chief Financial Officer Charles Njuguna.