Family Bank Group has reported a strong financial performance for 2024, with profit after tax surging by 38pc to Ksh.3.4 billion, up from Ksh.2.5 billion in 2023.Profit before tax also saw a significant rise, growing by 22.5pc to Ksh.3.9 billion from Ksh.3.1 billion the previous year.
The bank attributed its impressive earnings to revenue growth, improved liquidity, a robust capital base, and enhanced operational efficiency.Total revenue increased by 12.5pc to Ksh.15.0 billion, bolstered by a 28.8pc jump in total interest income to Ksh.20.3 billion Ynews reports.
This was driven primarily by a 20.5pc increase in earnings from loans and advances and a 62.1pc rise in income from government securities.Net interest income rose 13.9pc to Ksh.10.7 billion, while non-interest income climbed 8.9pc to Ksh.4.3 billion, reflecting stronger fees and commission earnings.
“2024 was a year of strategic resilience and strong top-line growth for Family Bank as we successfully concluded our five-year strategy. We focused on diversifying our tailored product offerings to meet the evolving needs of our customers while at the same time reinforcing our community presence,” said Family Bank Chief Executive Officer Nancy Njau.
She emphasized that despite economic headwinds, the bank remained agile by broadening revenue streams, supporting key economic sectors such as SMEs, agribusiness, and manufacturing, and deepening customer relationships.
Family Bank’s total assets expanded by 18.3pc to Ksh.168.5 billion, largely fueled by a 6.9pc growth in the net loan book, which now stands at Ksh.92.9 billion.Customer deposits also saw strong growth, rising by 23.3pc to Ksh.126.4 billion.
Even with this expansion, the bank maintained strict cost controls, capping operating expense growth at 9.3pc.Notably, loan loss provisions fell by 48.3pc to Ksh.717.2 million, signaling improved credit management.
Looking ahead, Family Bank is positioning itself for continued growth, with its 2025-2029 strategy centered on innovation, digital transformation, customer-centricity, data-driven decision-making, and sustainable expansion.
“We have laid a very strong foundation, and our focus remains on scaling and deepening customer experience in all the sectors we operate in. With a strong capital base and solid market positioning, we are well-equipped to seize new opportunities and drive long-term value creation,” Njau added.
Reflecting confidence in its future outlook, Family Bank’s Board of Directors has proposed a 52pc increase in dividends, raising payouts from Ksh.0.56 per share to Ksh.0.85 per share.
