spot_img

Family Bank records 15.4% profit growth in Q1 2025

Date:

NAIROBI, Kenya- Family Bank has reported a 15.4% rise in Profit Before Tax for the first quarter of 2025, reaching Sh1.5 billion compared to Sh1.3 billion in the same period last year.

The lender says the growth was primarily driven by increased interest income and expansion of its asset base.

Total assets grew by 19.2% to Sh174.0 billion, attributed to a 10.1% increase in the loan book to Sh96.2 billion and a 3.3% rise in investment in government securities.

Likewise, the bank’s interest income rose by 32.6% to Sh3.2 billion.

Interest income from government securities scaled up by 50.6%, while income from loans rose by 14.1%.

Similarly, the lender’s non-funded income was up 32.1%, supported by growth in customer transactions, higher uptake of products, and expanded digital services.

Over 90% of transactions during the period were conducted through digital platforms.

Customer deposits grew by 19.8% to Sh132.3 billion, supported by operational changes and ongoing investments in digital infrastructure.

On the flip side, its operating cost, however, increased by 41.5%, primarily due to a 59.6% rise in loan loss provisions and a 10.9% increase in staff costs.

The rise in staff costs was linked to operational adjustments and employee training.

See also  KRA Announces Scheduled iTax Maintenance on March 1
Phidel Kizito
Phidel Kizito
Phidel Kizito Odhiambo is a seasoned journalist and communications professional with over five years’ experience in storytelling across Kenya’s top newsrooms, including Capital FM, Standard Media, and Jedca Media. Skilled in digital journalism, strategic communications, and multimedia production, he excels at crafting impactful narratives on an array of beats, including business, tech, and sustainability.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Trending

More like this
Related

Miano Pledges Faster Compensation and Stronger Wildlife Protection

ELGEYO MARAKWET, Kenya — Tourism and Wildlife Cabinet Secretary...

ODM Parliamentary Group Endorses Suspension of Edwin Sifuna as Secretary General

NAIROBI, Kenya — The Orange Democratic Movement Parliamentary Group...

Nigerian Superstar Davido Faces ₦1 Billion Lawsuit Over Alleged Harassment and Defamation

Nigerian music icon David Adedeji Adeleke, professionally known as...

Kenya Airways Partners With Germany’s TUI Group to Relaunch KQ Holidays

NAIROBI, Kenya — Kenya Airways has partnered with Germany’s...