Family Bank profit rises 73.6 per cent

The bank’s corporate customers will process bulk M-Pesa payments through its Internet portal dubbed NIC Online. PHOTO | FILE 

 

In Summary

Family Bank attributes the growth to increased lending to retail consumers and SMEs.

Family Bank has recorded a 73.6 per cent growth in profit as at the half-year mark to Sh875 million. The bank saw its loan book grow by 43.4 per cent to Sh33 billion in the six months to June, compared to Sh23 billion during a similar period last year.

 

Family Bank attributes the growth to increased lending to retail consumers and SMEs, and is eyeing opportunities in the devolved system of government through branch expansion.

“Our loan book continues to expand signifying the strong support by our customers countrywide,” said Peter Munyiri, the bank’s managing director.

“We have lined up at least 10 new branches targeting increased business in the devolved units. We opened our 76th branch at City Hall Annex and will be relocating the Dagoretti branch to a new site along Ngong Road.”