Close Menu
  • Briefing
    • Cover Story
    • Latest News
    • Counties
  • Politics
    • Society
  • Special Reports
    • Companies
    • Enterprise
    • Money
    • Technology
  • Columns
  • Dispatches from China
  • Member Content
    • Shop
  • Contact Us
    • About us
Facebook X (Twitter) Instagram
Facebook X (Twitter) Instagram LinkedIn
Nairobi Business Monthly
Subscribe
  • Briefing
    • Cover Story
    • Latest News
    • Counties
  • Politics
    • Society
  • Special Reports
    • Companies
    • Enterprise
    • Money
    • Technology
  • Columns
  • Dispatches from China
  • Member Content
    • Shop
  • Contact Us
    • About us
Nairobi Business Monthly
Home»Companies»BANK DOUBLES PROFITS
Companies

BANK DOUBLES PROFITS

EditorBy Editor10th July 2014Updated:23rd September 2019No Comments1 Min Read
Facebook Twitter WhatsApp Telegram Email
Share
Facebook Twitter WhatsApp Telegram Email

The Nairobi Law Monthly September Edition

 Family Bank has more than doubled its pre-tax profit for 2013 –Sh1.78billion compared to Sh868million realized the previous year.
The 108 per cent jump in profits is the best results since its conversion to a bank six years ago.

 

 
The bank’s performance was buoyed by significant jump in net interest income to Sh4.45billion from Ksh 3.29billion in 2012– a 35 per cent increase. The profits also rode on a 33 per cent revenue growth to Sh6.3billion in 2013 from Sh4.73billion in 2012.
The outcome enabled the bank’s directors to recommend a dividend payment of Sh0.40 per share totaling to Sh222.8 million from the Sh111.3-million payout in 2012.
The Chairman Wilfred Kiboro attributed the impressive results to the decrease in interest expense as a result of capital injection by the shareholders and intensified debt collection efforts supported by tight and improved credit administration.
“The rapid growth is attributed to the shareholders funding through the rights issue at the beginning of last year which resulted in significant decrease in interest expense, the retained earnings and the very strong support from our customers, our strategic partners and institutional investors that saw our deposits grow from Sh24.6billion to Sh34.6billion and our loan book from Sh17.9 billion to Sh27.9 billion.”
 

The Nairobi Law Monthly September Edition
Follow on Facebook Follow on X (Twitter) Follow on WhatsApp
Share. Facebook Twitter WhatsApp Telegram
Editor

Related Posts

BAT Kenya records profit in 2024

24th February 2025

Kenya Airways and Air India agreement to elevate tourism and trade

3rd February 2025

CMC driving out of East African vehicle market

20th January 2025

Amsons takes lead in Bamburi Cement acquisition

19th December 2024
Add A Comment

Leave A Reply Cancel Reply

The Nairobi Law Monthly September Edition
Latest Posts

Fatal crash halts traffic on Nairobi-Mombasa Highway

30th May 2025

TIFA poll: Most Kenyans reject broad-based govt over cost of living concerns

29th May 2025

VAT shake-up in Finance Bill 2025 threatens businesses, economists warn

29th May 2025

AfDB sees Africa becoming the world’s second-fastest growing region

29th May 2025

DTB posts strong profit growth amid strategic shifts

29th May 2025
The Nairobi Law Monthly September Edition
Nairobi Business Monthly
Facebook X (Twitter) Instagram LinkedIn
  • About Us
  • Member Content
  • Download Magazine
  • Contact Us
  • Privacy policy
© 2025 NairobiBusinessMonthly. Designed by Okii

Type above and press Enter to search. Press Esc to cancel.