Customer deposits raises Family Bank’s half-year profit to Sh520.9 million
SEE ALSO :Lenders register profit riseKey balance sheet figures have also registered impressive growth with the Bank’s deposit book growing by 13 per cent to hit Sh54 billion at the end of June 2019, up from Sh47 billion reported over the same period in 2018. The Bank’s liquidity remains stable at 12.9 per cent above the minimum statutory ratio of 20 per cent. Loan loss provision decreased by 13.5 per cent in the period under review. “We have continued on an upward growth trajectory thanks to increased lending especially on our digital platform PesaPap. Our investment in digital banking and our deposit mobilization strategy has borne fruit as witnessed in our half-year profits,” said Family Bank’s Chairman Dr Wilfred Kiboro. “Our customers’ confidence and loyalty to Family Bank is witnessed in our growth. Our focus continues to be centered on growing our investment in financial technology innovations, leveraging on strategic partnerships and offering value chain solutions that meet the needs of the ever-growing SME industry,” he added.