Net earnings of Family Bank trebled to KSh 949.8 Million last year compared to KSh 224 Million the previous year.
This impressive growth was propelled by an expanded loan book that increased earnings from lending to customers, investment in Government Paper and Deposits held in other financial institutions.
Net loans and advances to customer increased from KSh 44.1 Billion to KSh 50.6 Billion while Total Interest Income grew from KSh 6.6 Billion to KSh 7.1 Billion.
With a network of 92 branches, Family Bank’s balance sheet size increased from KSh 67 Billion to KSh 78.9 Billion.
Customer deposits increased from KSh 48.5 billion to KSh 58.1 Billion while earnings from its properties grew from KSh 18.2 Million to KSh 23.4 Million.
Fees and commissions from loans to customers rose to KSh 130.2 Million from KSh 125.8 Million.
Family Bank increased its provisions for non-performing loans from KSh 8.1 Billion to KSh 8.2 Billion at the close of the financial year ended 31st December 2019.
The institution’s capital strength increased from KSh 12.7 Billion to KSh 13.3 Billion while Total Shareholders funds increased from KSh 11.6 Billion to KSh 12.6 Billion.