HOW KENYA'S FAMILY BANK MADE 2016 BED.

The wise ones say that as you make your bed, so you sleep on it. This could not be more true for Kenya's Family Bank ltd in 2016.

According to the figures released not too long ago, the most outstanding thing within the period was the fact that the bank did all it could to hold costs down.

Hence, of all the cost heads, only directors emoluments increased by 48.4% to 229.6m Ksh.

Even loan loss provision dropped by 74.8% to 211.9m Ksh thus complimenting 28.6% decrease in other operating costs to 2194m Ksh; 23.7% drop in rental charges to 486.5m and 10.1% easing of staff costs to 2640.6m Ksh.

This was indeed fortune changer within the year because total interest income had risen by only 7.76% to 10,810.9m.

Besides, 12.6% increase in interest expense to 4098m Ksh had wiped out any likely boost from the single digit interest income growth.

Hence, with fee and commission on loans rising by 83.1% to 878m Ksh; income from forex trading growing by 26.6% to 298.5m Ksh and Other income closing up 28.7% at 290.7m Ksh; broad smiles were inevitable.

This was because combined with the firm grip on costs. Family Bank ended the year with 2957.1m Ksh profit before tax, up a resounding 344.9% on 2015's 664.6m Ksh.

Not bad at all.

FAMILY BANK, KENYA.Kshm

                       2016.     2015
Total inc.  13788.0 12445.5
Interest     10810.9 10032.3
  " cost.       4098.0.   3639.9
Fee & comm.878.1.    479.7
Other ".        1509.8. 1471.9
Forex trading 298.5. 235.7
Other income 290.7 225.9
Loan loss        211.9 841.4
Staff cost   2640.6  2936.9
Directors      229.9.   154.7
Rentals.        486.5.  637.8
Other op.   2194.0. 3071.4
P. B Tax.   2957.1.   664.6

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