FamilyBankKenya reports asset growth of 23% in 2021 to Kshs 117 billion. Profits recovered in the year to increase by 130% to Kshs 3.3 billion and shareholders will receive a dividend of Kshs 0.83 per share.
Family Bank Group “The Group” has recorded a KES 3.3 billion Profit Before Tax for the year ended 31 December 2021, marking a 131.6% growth in earnings.
The growth in earnings was largely driven by an increase in interest income, marginal growth in interest expenses and operating expenses coupled with a reduction in the loan loss provisions.
The Group’s total assets grew by 23% to close at KES 111.7 billion driven by net loans and advances which expanded by 18.2% to KES 66.9 billion while investment in government securities increased by 45% to KES 24.7 billion on account of improved liquidity. Customer deposits increased by 17% to KES 81.9 billion.
Net interest income grew by 20.8% to KES 7.8 billion from KES 6.4 billion in the Year 2020. Total non-funded income grew by 12.9% to KES 3.0 billion with income from other fees and commissions registering a growth of 19.7% to stand at KES 2.1 billion despite the continued zero-rating of mobile transaction offerings.
The Group’s operating expenses decreased by 2.8% to KES 7.5 billion from KES 7.7 billion mainly driven by prudent management of operating costs and a reduction in loan loss provisions.
On the back of the strong performance, the Directors have proposed KES 1.1 billion (KES 0.83 per Share) dividend pay-out subject to the Shareholders’ approval during the Annual General Meeting to be held on 29 April 2022.
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