Family Bank CEO Rebecca Mbithi
Family Bank CEO Rebecca Mbithi

Family Bank has posted an 85 per cent increase in its profit before tax for the Group during the first three months of 2020 to Sh 425.6 million, up from Sh 230.01 million registered in Q1 2020.

Net loans and customer advances increased to Ksh53 billion, up from Ksh455.6 billion in the preceding year, positively impacting the bank’s bottom-line. Interest income from loans and advances increased to Ksh1.7 billion up from Ksh 1.4 billion. Non-interest income increased from Ksh 7.2 billion to Ksh 9.4 billion

The Bank earned Sh 309.5 million from government securities, up 68.5% against Sh183.6 million that the bank made during the first three months of 2019. 

“We have been able to register profit and grow our customer deposits by 18% to Sh 61 billion in the first quarter of 2020. Our overall growth is attributable to our efforts to support our customers through building strong relationships, providing innovative products and strong partnerships that are aimed at enhancing customer experience,” said Family Bank CEO Rebecca Mbithi. “With the Covid-19 pandemic, we are hopeful that measures put in place by the Central Bank of Kenya to facilitate lending and enhancing liquidity will strengthen the financial sector and in turn promote trade,” she added.

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With the automation and digitization of critical processes within the bank, Ms. Mbithi said that the Bank will continue to drive digital transactions to provide convenient banking solutions especially during this pandemic. The Bank has witnessed a migration of over 80% of its transactions to digital.

The Bank’s net interest income expanded 24.8 per cent to Sh1.4 Billion from Sh 1.13 Billion recorded last year. This growth was supported by the increase of loans and advances which grew by 16 per cent. Family Bank is keen on increasing the contribution of non-interest income, after the lender made Sh 714.9 million in total non-interest income during the first quarter, up by Sh 63.1 million when compared to the same period in 2019. Total operating expenses marginally rose by Sh 149.52 million to Sh 1.71 billion, highlighting the cost containment measures being implemented by the bank. 

COVID-19 and Outlook

Going forward, the Bank projects that it will wither the tough operating environment characterized by the COVID-19 pandemic to grow its earnings in 2020. The CEO Rebecca Mbithi says Family Bank will continue to focus its cost containment efforts by encouraging the use of alternative banking solutions to meet customers’ needs during this period. Strategic partnerships and customised innovative solutions will continue to drive the Bank’s performance in 2020.

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“We are employing necessary safety measures to flatten the curve as a bank. We project that the demand for credit is likely to be affected in quarter two and quarter three due to the negative impact that COVID-19 has had on the economy. Our priorities include digital transformation and automation of critical processes, scaling up of our asset financing business and the focus on customer experience,” said Ms. Mbithi. 

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Scotland, like the whole of Great Britain, is not one of the cheapest destinations. In enhancement, in Scotland the tent can easily be prepared up essentially anywhere, thus travelers can also sleep in the wild. The very most famous and one of the very most gorgeous exploring routes in Europe is the alleged West Highland Way. Longer journey? How approximately north along the west coast and then back to the quieter, albeit much less amazing east? Lots of tourists in Glasgow, takes a train to Mallaig (in some cases seeing Glencoe or even Fort William heading) then brows through Isle of Skye (one of the most gorgeous of the Scottish isles), at that point scalp along the coast towards Ullapool, regarding Durness, on the method back going to Inverness, Fort Augustus (Loch Ness), Aberdeen and Cairngorms National Park, and eventually Street Andrews. Is it possible by learns as well as buses? 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The response is actually basic: it pours and also strikes. In the situation of a low-budget vacation, sleep in a tent or remain just in hotels (price concerning PLN 80 every evening)., Whiskey, see at the very least one whiskey and instruction fish and potato chips along with white vinegar at least when. I really hope that using this post I promoted my pals (:-RRB-) yet additionally strangers to take a trip to Scotland. It is actually actually worth a hundred opportunities! I welcome you to visit, so I am actually still right here. Lovely Scottish coastlines. Loch Lomond Backpack. Iona- little isle, white colored beach fronts. Isle of Skye. Glencoe. Eilean Donan Castle. Island of Arran. Scotland is unquestionably a definitely attractive nation, and every year it is gone to through crowds of tourists from the United States, France, as well as also Italy or Spain. Arran is actually gotten in touch with Scotland in mini. Scotland, like the whole of Great Britain, is actually certainly not one of the most cost effective locations. It was actually currently spring season in Scotland, the sunlight was heating up, while in Scotland it was still winter months all over. I wish that with this post I urged my good friends (:-RRB-) but additionally unfamiliar people to take a trip to https://www.scotland.com/

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