Family Bank Group’s Profit after tax surged by 38 percent from 2.5 billion shillings to close at 3.4 billion shillings in the year 2024. Profit Before Tax closed at 3.9 billion shillings, representing an impressive 22.5 percent growth from 3.1 billion shillings recorded in 2023.
Total revenue grew by 12.5 percent to 15.0 billion shillings. This was supported by a 28.8 percent surge in total interest income to 20.3 billion shillings, fueled by a 20.5 percent rise in earnings from loans and advances and a 62.1 percent increase in income from government securities.
Net interest income grew by 13.9 percent to 10.7 billion shillings, reflecting strategic asset allocation, while non-interest income rose by 8.9 percent to 4.3 billion shillings, supported by strong growth in other fees and commissions.
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“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.
The Group’s total assets grew by 18.3 percent to 168.5 billion shillings, driven by a 6.9 percent expansion in the net loan book to 92.9 billion shillings, 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 percent to 126.4 billion shillings by year-end.
The Bank, however, maintained cost discipline, limiting the growth of total operating expenses to 9.3 percent. Notably, loan loss provisions were reduced by 48.3 percent to 717.2 million shillings, 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 percent to 22.3 billion shillings. The Bank’s core capital ratio and liquidity ratio remained well above the regulatory threshold, with the capital ratio at 16.2 percent and liquidity ratio at 43.9 percent, ensuring a strong buffer against market fluctuations.
The Group’s Board of Directors has proposed a 52 percent increase in dividends from 0.56 shillings per share to 0.85 percent per share, reflecting our commitment to reward our shareholders.
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