Family Bank has posted a loss of Sh. 743 million compared to a net profit of Sh. 963 million during a similar period last year.
Net interest earnings went down by 46 per cent to Sh. 2.94 billion in 2017 in the nine months through September from Sh. 5.47 billion last year.
Family Bank’s total interest income contracted by 43 per cent to Sh.4.98 billion from Sh.8.78 billion, underlining the extent to which the new regime putting a ceiling on lending rates had pushed its earnings.
While the growth in interest income from government securities was flat at just above Sh. 500 million compared to the same period last year, there was a 45 per cent decline in income from loans and advances to organisations and individuals.
Total non-interest income stood at a flat Sh. 1.9 billion, standing at the same level as at the same period last year.
Total operating income was down 34 per cent to Sh. 4.8 billion from Sh. 7.3 billion.