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Family Bank records Sh638.5 mn in profits during H1 2020

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The bank is closely working with county governments to assist those affected by the pandemic

Family bank has recorded a net profit of Sh638.5 million for the first six months of the year, with a 72 percent increase from Sh364.5 million in the same period last year. It is reported that the bank’s gross profits grew  to Sh852.1 million, an increase from Sh520.9 million registered in the same period last year.

The bank’s growth is largely pointed to factors such as rise in net interest income mainly from loans and income from government securities, a local media reported. Ms Mbithi told the media, “The Bank’s impressive performance is a testament of the resilience of our business in light of our current tough operating environment amidst the COVID-19 pandemic. Going forward, for our business outlook, we remain focused on driving a differentiated customer experience driven by a deeper understanding of our customers, automation and digitisation of our processes, of which 80 percent of our transactions are on the digital platform anchored on simplicity and personalized service as we continue to cushion businesses, especially the MSMEs, through the emerging pressures.”

The bank has offered relief and loan extensions to customers during the pandemic at no extra cost. This is an effort to ease the adverse effects of the pandemic. 

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