Family Bank earnings rise 34 per cent

Mid-tier lender Family Bank has reported a 34.9 per cent increase in net profit in the first half of 2015, aided by A surge in income from lending and foreign exchange trading.

The company reported a net profit of Sh1.18 billion in the first half of 2015, UP from Sh875 million in a similar period in 2014.

Total interest income rose by 36.8 per cent to Sh4.5 billion from Sh3.29 billion in the period under review. Its loan book grew by 39.4 per cent to Sh46 billion in the first half of 2015 from Sh33 billion in a similar period last year.

Income from foreign exchange trading rose by 224 per cent to Sh175 million from Sh54 million in the review period.

Interest expenses grew at a much faster rate of 63.6 per cent to Sh1.26 billion from Sh770.5 million in the period under review.

Customer deposits rose by 47.5 per cent to Sh59 billion from Sh40 billion over the period.