Family Bank has reported a net profit of Sh297 million for the three months to March 31.
This was an 85.6 per cent improvement compared to similar period last year when the lender recorded Sh160 million in profit.
Total operating income was at Sh2.13 billion for the period, boosted by foreign exchange trading, compared to Sh1.79 billion in the first quarter of 2019.
The bank’s assets stood at Sh82.5 billion. As at December 31, 2019, the asset value was at Sh78.9 billion, with the gain attributable to an increase in loans and advances to customers.
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However, non-performing loans continued to swell, rising from Sh8.24 billion in December 2019 to Sh9 billion by the end of the first quarter of this year. Total insider loans and advances reduced by around Sh50 million within the period.
“The board of directors has approved the payment of an interim dividend of Sh0.24 per ordinary share of Sh1 each, subject to withholding tax where applicable...,” said a statement from the bank yesterday.