Family Bank has revealed the amount of gross profit it made in the first six months of 2019.
According to the financial management, the institution made Sh520.9 million profit before taxation. In 2018, the bank had made a profit of Sh145.7 million posted during a similar period.
The management has attributed the increased profit to excellent customer deposits as well as growing interest in the loans offered by the lender.
The report also showed that the margin of the profit increased by 13 per cent to Sh2.29 billion. The lender increased its loans book and reduced the interest on the loans extended to borrowers to 16 per cent.
The firm spent Sh46.7 billion to offer loans compared to Sh2.9 billion used in the past financial period. The foreign exchange saw the non-income interest of the firm rise to Sh1.31 Billion, which is equivalent to a 5 per cent rise.
Family Bank Chairman Wilfred Kiboro said that he is impressed with the increased profits. He credited the changes witnessed at the bank to digital banking among other areas of financing.
“We have continued on an upward growth trajectory thanks to increased lending especially on our digital platform PesaPap,” he said, as quoted by Capital FM.