Family Bank books 85pc rise in profit on improved lending

Family Bank has recorded 85 per cent jump in net profit for the three months to March as removal of the rate cap in November 2019 unlocked interest income.

The lender’s net profit grew to Sh297.8 million, up from Sh160.8 million in a similar period last year. Over the period, the bank’s lending increased from Sh45.6 billion to Sh53 billion.