Family bank posts Ksh520m pretax profits in Q1

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Family bank has reported a 520.9 million shillings pretax profit for the first half of this year.

The growth was driven by increased customer deposits and growth in interest from higher loan uptake.

The growth is buoyed by increased customer deposits and growth in interest from higher loan uptake.

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The net interest margin grew by 13% to hit 2.29 Billion shillings, attributable to expansion of the loan book and a 16% decrease in interest expense.

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The loan book grew by 2.9 Billion shillings to hit 46.7 Billion shillings as at June 2019.

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Non-interest income also grew by 5% to 1.31 Billion shillings, driven by foreign exchange trading income and other fees and commissions.

The Bank’s deposit book grew by 13% to hit 54 Billion shillings at the end of June 2019, up from 47 Billion shillings reported over the same period in 2018.

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The Bank’s liquidity remains stable at 12.9% above the minimum statutory ratio of 20%.

Loan loss provision decreased by 13.5% in the period under review.

Nonperforming loans decreased by 78 million shillings as compared to the same period last financial year.

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