NAIROBI, Kenya, Mar 31 – Family Bank’s profit before tax grew 12.2 percent to Sh3.7 billion in the 12 months to December 2022, boosted by growth in revenue, customer loans, and investments.
Its profit improved from Sh3.3 billion that was reported in the financial year ending December 2021.
whereas total revenue grew by 10.6 percent to Sh11.9 billion, boosted by a 10.7 percent rise in net interest income, customer loans rose by Sh81.4 billion.
Likewise, non-funded income grew 10.6 percent to Sh3.4 billion.
“In 2022, we focused on diversification of product offerings through the financing of second-hand importation and innovative finance for MSMEs in the water and sanitation sector,” said Family Bank CEO Rebecca Mbithi.
“Through our fundraising partners, having raised over USD 56 million, we have been able to increase our lending to various MSMEs as well as climate-friendly investments and women-led businesses in education, health, agriculture, energy and manufacturing sectors,” Mbithi added.
“This is evidenced by the growth of our revenues, amidst the complex operating environment with the General Elections, drought, impact of the Ukraine-Russia War and post-pandemic recovery.”
Consequently, the bank has declared a dividend of Sh0.62 per share.
Recently, the Bank acquired a Sh3.9 billion (USD 30 million) lending facility for onward lending to small and medium enterprises (SME) from the African Development Bank Group (AFDB).
It targets SMEs in health, renewable energy, and agriculture.
This comes at a time when lenders in the country have been recording record amount of revenue despite tough economic challenges due to Covid-19 pandemic as well as Ukraine-Russia war.
Equity Group, KCB, and Absa Bank Kenya also announced net profits of Sh46.1 billion, Sh40.8 billion, and Sh14.6 billion, respectively.
