Family Bank has posted a net profit of Ksh. 297 Million for the three months to March 31st. This is an 85% rise from a similar period last year when the bank made a net profit of Ksh. 160 Million.
This rise in profitability was on the back of a 24.8 per cent rise in the net interest income to Ksh. 1.4 Billion up from Ksh. 1.13 Billion for a similar period last year. This was due to a 16 per cent rise in loans and advances to Ksh. 82.5 Billion which was prompted by the removal of the rate cap. Non-interest income also rose to Ksh. 9.4 Billion up from Ksh. 7.2 Billion the previous year.
Total operating expenses marginally rose by Sh149.52 million to Sh1.71 billion, highlighting the cost containment measures being implemented by the bank.
The board of directors approved the payment of an interim dividend of Ksh. 0.24 per ordinary share of Ksh. 1 each.