Family Bank defies Covid, posts rise in its earnings

Family Bank

UN Global Compact Kenya Network Executive Director Judy Njino (left) hands over the membership certificate to Family Bank CEO Rebecca Mbithi which will see Family Bank become the fourth bank in Kenya to officially join the United Nations.

Photo credit: File | Nation Media Group

What you need to know:

  • Net interest income grew by Sh1.4 billion growth to Sh6.4 billion compared to Sh5 billion in a similar period in 2019.
  • The bank’s operating expenses increased by to Sh7.6 billion from Sh6.3 billion mainly driven by loan loss provisions.

Family Bank posted a 22.4 percent growth in net profits to Sh1.1 billion for the year ending December 2020 courtesy of increased lending despite the coronavirus scourge that hit business.

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