Family, Ecobank post profit in third quarter

Family and Ecobank have reported a growth in profit in the third quarter of the year.

Family Bank has weathered market headwinds to post over 200 per cent profit for the third quarter on account of major reforms.

Emerging from significant setbacks, the lender has posted a Sh704.6 million in profit after tax as at September 30 from Sh187.7 million in the same period last year.

It attributes the performance to among other factors, “aggressive” deposit mobilisation and prudent cost management which saw its operating expenses drop by Sh23.9 million from Sh4.69 billion to Sh4.66 billion in third quarter of 2019.

Family Bank Chief Executive Rebecca Mbithi said due to the crucial reforms, the company saw its operating income grow by 14 per cent from Sh4.9 billion to Sh5.6 billion.

“As a bank  we have witnessed growth in all parameters, for instance in our loan book which grew from Sh44.5 billion in the nine months to September last year to Sh49.3 billion in a similar period this year,”

Ms Mbithi said adoption of digital channels saw 70 per cent of critical transactions conducted online including loan advances which hit Sh1.5 billion as at July last year.

In a statement, Ecobank said its profit after tax grew to Sh158.3 million from Sh68 million same period last year.