Family Bank issues profit warning for 2016

Kenya's Family Bank said on Thursday its profit for this year is likely to fall by at least 25 percent due to higher funding costs and expenses associated with a round of job cuts.

The mid-tier lender, whose shares are traded on the Nairobi Securities Exchange's Over-The-Counter market, said its pre-tax profit for the first nine months of this year plunged 46.6 percent to 1.45 billion shillings ($14.24 million), after costs rose.