Family Bank posts 109 pc quarter one profit growth

Family Bank has announced a triple-digit profit growth in the first three months of the year, helped by increased lending.

The mid-tier bank posted a 109.6 per cent growth in net profit to Sh446.4 million for the first quarter ended March 31 compared to Sh212.9 million a year earlier.

This came as interest income rose 36.9 per cent to Sh1.5 billion, with its loan book expanding to Sh30.4 billion in March from Sh27.9 billion in December.

“Our loan book continues to expand signifying the strong support by all our cherished customers, partners and investors — a stamp of approval in the direction we are going,” said Peter Munyiri, Family Bank’s CEO.

“We are also guided by our ambitious strategy of becoming a tier one bank in the next three years,” he added in a statement. The lender also benefited from higher fees and commissions earnings.