Family Bank posts 117 per cent profit growth
Family Bank has reported a 117 per cent profits growth in third quarter. The bank’s profits before tax grew to Sh484.6 million to the nine months ended September 30, from Sh223.8 Million in the same period last year. The bank managing director, Peter Kinyanjui, attributed the phenomenal growth to a strong loan book which grew 29 per cent from Sh7.3 billion last year to Sh9.4 billion this year.
"Interest income over the period rose 35.3 per cent from Sh967.6 million to Sh1.3 billion while non-interest income grew from Sh746.9 million to Sh1.1 billion over the same period," Kinyanjui said. "The bank’s customer base has grown to 800,000, while subscribers to its popular mobile banking platform Pesa Pap hit 140, 000," Kinyanjui added. Family Bank begun as building society in 1984 and has grown to be one of the biggest indigenous owned banks. It converted into a commercial bank in 2007 and has 53 branches across the country.
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