Family Bank’s profit before tax increased by 12.2 per cent to Kes3.7billion in the twelve months ending December 2022.

The lender attributed the growth to boosted by growth in revenue, customer loans, and investments.

Additionally, the Bank’s profit improved from Kes3.3 billion that was reported in the financial year ending December 2021.

Total revenue grew by 10.6 per cent to Kes11.9 billion, boosted by a 10.7 per cent rise in net interest income, and customer loans rose by Kes 81.4 billion.

Likewise, non-funded income grew 10.6 per cent to Kes3.4 billion.

 Family Bank CEO Rebecca Mbithi said the lender focused on diversification of product offerings through the financing of second-hand importation and innovative finance for MSMEs in the water and sanitation sector in 2022.

“Through our fundraising partners, having raised over USD 56 million, we have been able to increase our lending to various MSMEs as well as climate-friendly investments and women-led businesses in education, health, agriculture, energy and manufacturing sectors,” Mbithi added.

“This is evidenced by the growth of our revenues, amidst the complex operating environment with the General Elections, drought, impact of the Ukraine-Russia War and post-pandemic recovery.”

A dividend of Kes 0.62 per share has been declared by the bank as a result.

The African Development Bank Group recently sold the Bank a Kes3.9 billion loan facility for future financing to small and medium-sized businesses (SME) (AFDB).

It targets SMEs in the fields of agriculture, renewable energy, and health.

This occurs at a time when the country's lenders are earning record amounts of money despite significant economic difficulties brought on by the COVID-19 pandemic and the conflict between Ukraine and Russia.