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Family Bank posts 30pc growth in half-year profits

NEWS
By Standard Correspondent | August 5th 2015

NAIROBI: Family Bank has posted a nearly 30 per cent rise in its pre-tax profit for the half year – raking in Sh1.76 billion – up from Sh1.3 billion over a similar period last year. The lender also recorded a significant jump in its loan book from Sh37.9 billion to Sh46.3 billion – a 22 per cent increase. This was driven by increased lending to SMEs and personal consumers. Total assets grew by 21 per cent from Sh61.8 billion to Sh74.7 billion as at end of June 2015. Managing Director & Chief Executive Officer Peter Munyiri said leveraging the emerging opportunities in the devolved units guided by the bank's ambitious strategy of becoming a tier-one bank had bolstered performance. "Key drivers of this remarkable performance have been sustainable growth in loan book, aggressive deposit mobilisation, branch expansion and increase in revenues from Alternative Business Channels – internet and mobile banking, among others. The robust performance culture embraced by staff has also made this accomplishment possible," he said. The bank has achieved a five-fold increase in its profits and almost quadrupled its assets in the past five years – currently at nearly Sh75 billion.

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