FAMILY BANK POST GROWTH IN EARNINGS

Family Bank CEO Rebecca Mbithi during the release of the bank financial statement. PHOTO /CORRESPONDENT

FAMILY BANK POST GROWTH IN EARNINGS

By Vera Shawiza

Family Bank posted KES 1.4 Billion Profit

Before Tax for the nine months ending

September 30, 2020.

Customer deposits grew by 15.2 per cent to

KES 69.4 Billion while the loan book grew by

14.9 per cent compared to the same period in

2019 closing at KES 56.7 Billion. Total assets

grew by 13.7 per cent to KES 89.8 Billion

compared to KES 78.9 Billion during the same

period last year.

The net interest income grew by 27.0 per cent

to KES 4.6 Billion compared to KES 3.6 Billion

recorded in the same period last year with

income from loans and advances and

government securities having played a key role

in the growth. In addition, the operating income

expanded by 16.6 per cent to KES 6.6 Billion

from the previous KES 5.6 Billion.

“Our main focus at the Bank has been solely

how to support our customers in the face of the

COVID-19 pandemic. The numerous

interventions that we have taken in this regard

include restructuring and moratoriums on

loans, waiving fees on digital transactions and

building the capacity of our customers in the

SME sector. We are glad to have managed this

effectively and still be able to increase our

income in such times of uncertainty,” said

Family Bank CEO Rebecca Mbithi.

She added that Family Bank has signed some

key strategic partnerships that have positively

impacted customers. They include a financing

deal with Wellwise Solutions benefitting SMEs

in the health sector seeking financing. Family

Bank also signed a partnership with

Performeter Agribusiness Limited setting aside

Ksh1 Billion to fund fodder production for dairy

farmers in cooperatives.

Family Bank prides itself in growing a very

strong retail customer base with a key focus in

SME Banking. From only one branch in 1985,

the Bank has grown over time and currently

enjoys a branch network of 90 branches, 4,000

bank agents and over 10,000 merchants

countrywide.

Family Bank was the first bank in Kenya to

introduce paperless banking through smart

card technology that enabled customers to

transact without having to fill in deposit or

withdrawal slips. In 2010, Family Bank was the

first bank to introduce mobile banking in Kenya

and in 2016 the first to launch mVisa service in

Africa.

The Bank has received numerous awards

including the Think Business Fastest Growing

Bank Award three years in a row between 2013

and 2015, the Think Business Best Bank in

Micro-Finance Award, 1st Runner-up in 2013

and 2014. In 2017, the Family Bank was feted

as the Best SME Bank in Kenya at annual

Banker Africa Awards, East Africa – an award

initiative for financial institutions in Africa.

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