Mobile lending props bank’s profit

Central Bank of Kenya (CBK) Governor Patrick Njoroge when he addressed the media at his office on Thursday. (Standard)

Family Bank posted a four-fold jump in net profit for the first quarter of this year to Sh160.8 million from Sh35.8 million last year.

The growth was largely driven by an increase in mobile loans in what is now becoming a cash cow for the industry. Income from loans spiked from Sh1.3 billion to Sh1.4 billion while interest expenses declined from Sh610 million to Sh474 million.