Family Bank half year profit hits Ksh.1.2 billion

Lender Family Bank has seen its half year profit soar by 83.6 per cent to Ksh.1.2 billion from a lower Ksh.638.5 million last year.

The significant earnings surge across six months is largely pegged on improving income streams with the bank total operating income rising by 23.8 per cent to Ksh.5.2 billion from a lower Ksh.4.2 billion.

This on the back of the elevation of net interest income by 27.6 per cent to Ksh.3.7 billion and a 15.4 per cent growth in non-interest funded income (NFI) to Ksh.1.5 billion.

Meanwhile, Family Bank has largely held off growth in costs despite a 36.2 per cent increase in loan-loss provision expenses to Ksh.614.9 million in June from Ksh.451.4 million last year.

The greater provisions have come as the bank’s stock of gross non-performing loans (NPLs) hits Ksh.10.8 billion from a lower Ksh.9.1 billion.

Family Bank total assets now stand at Ksh.100.1 billion from Ksh.86.9 billion last year to include Ksh.63.4 billion in net loans and advances to customers.

Customer deposits meanwhile stand at a flat Ksh.76 billion having grown from Ksh.66.7 billion in June 2020.

Family Bank earnings per share have improved to 83 cents from 50 cents subsequent to the profit surge.