Family Bank recorded a 15. 4 percent gross profit growth to Kes 2.32 billion in the first six months of this year compared to a similar period in 2023.
The lender attributed the growth to an increase in interest income.
Further, the lender's net interest income grew by 12.7 percent to Kes4.9 billion in the period under review.
“This growth was muted by the higher cost of funding witnessed during the period which saw a 46% increase in interest expense in line with the high cost of funding witnessed in the first half of 2024.”
Similarly, its total assets increased by 19.2 percent to Kes 158.3 billion, up from Kes 132.8 billion in June 2023.
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The Bank attributed the growth to deposits, which increased by 18 percent from Kes 100.8 billion to Kes 119 billion.
With the additional liquidity, the bank’s lending through loans and advances expanded to Kes 91.4 billion from Kes 86.5 billion in June 2023.
Additionally, the lender revealed that it invested the available liquidity in government securities, which saw this investment class increase by 69% to Kes 41.9 billion from Kes 24.8 billion with the muted demand for credit from customers due to the prevailing macroeconomics.
