Family Bank Group Profit after tax surged by 38% from KES 2.5 billion to close at Kes 3.4 billion in the year 2024. Profit Before Tax closed at KES 3.9 billion representing an impressive 22.5% growth from KES 3.1 billion recorded in 2023.
The remarkable performance was driven by robust and sustainable revenue growth, a strong capital base and liquidity position and cost and operational efficiency.
Total revenue grew by 12.5% to KES 15.0 billion. This was supported by a 28.8% surge in total interest income to KES 20.3 billion, fueled by a 20.5% rise in earnings from loans and advances and a 62.1% increase in income from government securities. Net interest income grew by 13.9% to KES 10.7 billion, reflecting strategic asset allocation, while non-interest income rose by 8.9% to KES 4.3 billion, supported by strong growth in other fees and commissions.
“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. Despite economic challenges, we remained agile by broadening our revenue streams, supporting key economic sectors such as SMEs, agribusiness, and manufacturing, enhancing operational efficiencies, and deepening customer relationships,” said Family Bank Chief Executive Officer Nancy Njau.
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The Group’s total assets grew by 18.3% to KES 168.5 billion, driven by a 6.9% expansion in the net loan book to KES 92.9 billion, reaffirming the Bank’s commitment to empowering businesses and individuals with access to credit by the private sector. Strong customer confidence was evident in the balance sheet, with customer deposits rising by 23.3% to KES 126.4 billion by year-end.
The Bank, however, maintained cost discipline, limiting the growth of total operating expenses to 9.3%. Notably, loan loss provisions reduced by 48.3% to KES 717.2 million, reflecting improved asset quality and prudent risk management.
“Looking ahead, we have laid a very strong foundation, and our focus remains on scaling and deepening customer experience in all the sectors that we operate in. Our 2025-2029 strategy is anchored on innovation, digital transformation, customer-centricity, data-driven decision-making, and sustainable growth. With a strong capital base and solid market positioning, we are well-equipped to seize new opportunities and drive long-term value creation,” she added.
The Bank remains well-capitalized, with shareholders’ funds increasing by 32.7% to KES 22.3 billion. The Bank’s core capital ratio and liquidity ratio remained well above the regulatory threshold, with capital ratio at 16.2% and liquidity ratio at 43.9%, ensuring a strong buffer against market fluctuations.
The Group’s Board of Directors has proposed a 52% increase in dividends from KES 0.56 per share to KES 0.85% per share reflecting our commitment to reward our shareholders.
