Family Bank Group recorded gross profit growth of 8 percent to Kes 3.26 billion for the nine months of 2024 compared to Kes 3.02 billion in the same period last year.
The lender attributed the growth to a significant increase in income across various revenue streams.
Total interest income surged by 29% to Kes 14.6 billion, buoyed by a 20% rise in income from loans and advances, which reached Sh10.6 billion.
The loan book expanded by 11.3% to S94.2 billion.
Further, the lender’s investments in government securities yielded more, resulting in a 65% jump in interest income attributable to higher yields and portfolio growth.
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Total assets grew by 16% to Kes 163.2 billion from Kes 141 billion in September 2023, reflecting the Group’s continued growth trajectory.
Non-funded income rose by 13.2% to Kes 3.3 billion, with income from other fees and commissions increasing by 14.5%.
This contributed to an 11% increase in total operating income, supporting the bottom-line growth.
“The growth in profit underscores our unwavering commitment to delivering on strategic priorities while placing our customers at the core of our efforts. By aligning our investments with the evolving customer needs and driving operational efficiencies, we continue to position the Bank for sustained growth as we offer our customers superior financial products and services,” said Family Bank CEO Nancy Njau.
The Bank continued investing in talent development, technology, and digital transformation, which saw operating expenses rise by 12.4% to Sh7.7 billion.
Meanwhile, loan loss provisions expense slowed by 40.6% compared to the previous year as we enhanced collection efforts and maintained a healthy portfolio despite the tough operating environment.
