Family Bank Kenya posted a six percent growth in net profit to KSh949 million for the year ended December 2019 compared to KSh895 million in 2018 attributed to growth in non-interest income and gains from loans and advances.
By asset base, Family Bank’s balance sheet expanded by 17.8 percent to KSh78.9 billion, with deposits growing by 19.7 percent supported by an aggressive drive for the SME, retail, private and public sector markets.
The loan book grew by 14.7 percent in 2019 to stand at KSh50.6 billion.
“Our mobile application, PesaPap and our other digital payment platforms such as internet banking have been pivotal in the growth of the non-funded income contributing to 66 percent of the total non-funded income,” said Family Bank chief executive officer Rebecca Mbithi.
The net interest income grew by 16.3 percent to KSh 5 billion compared to KSh 4.3 Billion realized in the same period last year with income from loans and government securities being major contributors.
Non-interest income also registered a growth of 12 per cent to hit KSh 2.8 billion largely driven by foreign exchange trading income and fees and commissions on loans and advances compared to KSh 2.4 Billion in the same period last year.
The bank’s liquidity remained stable at 33.1% above the minimum statutory ratio of 20%.
The board has recommended KSh0.24 dividend per ordinary share.