Family Bank Chief Executive Officer Rebecca Mbithi has revealed that the bank made a whooping Sh1.01 billion profits in just nine months time.
Mbithi noted that the Sh1.01 billion profit is before tax deductions.
Last year, the bank made a profit of Sh269.9 million. This massive growth in profits has been attributed to various factors including lending to all types of enterprises.
Deposits at the bank also added to their profits. According to the bank, deposits into institutional, personal and transaction accounts added a 26 percent (Sh60.2 billion).
The company is now focused on growing digitally.
“We continue to maintain a strong capital position despite the adoption of IFRS 9 Accounting Standard, We have continued to enhance the quality of our loan book capping our non-performing loans at 15.5 percent as at September 2019 and we are focused on accelerating digital innovation in our service delivery, consistent customer engagement, superior customer experience and equipping staff to better support our strategy,” said Mbithi.
According to the bank, digitization of their services will help them increase their profits to higher levels.
Mbithi said that their net interest grew to Sh3.6 billion from Sh3.1 recording a 16.7% increment.
More so, the profits came from the expansion of their loan book with a similar decrease in interest expense.