Family Bank Profit up 24.3% to Ksh.1.3 Billion in Q1 2024

Family Bank Group has posted a Ksh.1.3 billion Profit Before Tax for the period ended March 31, 2024, representing a 24.3% growth from a similar period last year.

This growth in Profit Before Tax was mainly driven by an increase in interest income and non-funded income and an expansion of the balance sheet given strategic investment in secure and stable investment avenues and effective asset management even as the economy continued to grapple with the adverse effects of high inflation.

Total assets increased by 10.7% to close at Ksh.145.9 billion for the period under review.

This was funded through a 19% increase in customer deposits from Ksh.92.7 billion to Ksh.110.43 billion.

The funds were invested in lending to customers through loans and advances which grew by 4% to Ksh.87.44 billion.

Income on Government Securities

Further investments were made in government securities which increased by 29% to Ksh.32.7 billion.

Net interest income grew by 19.9% to close at Ksh.2.4 billion in the quarter from Ksh.2. billion recorded in the same period last year.

This was supported by an increase in income on government securities and loans and advances which grew by 44.2% and 26.5% respectively.

Also Read: Arch. Gitau Mungai Replaces Dr. Kiboro as Family Bank Chairman

However, interest expense increased by 47.1% to close at Ksh.2 billion.

The increase was in line with the current macro-economic conditions where interest rates have been on the rise.

The Bank continued to execute the income diversification strategy. The results of this were evident through a  29.7%  in non-funded income to close at Ksh.1.3 billion.

“We remain committed to supporting our customer needs, investing in our workforce and optimizing our operational efficiencies. This will ensure long-term

Family Bank Profit up 24.3% to Ksh.1.3 Billion in Q1 2024
Family Bank MD and CEO Nancy Njau

sustainable value creation to our shareholders,” said Family Bank CEO Nancy Njau.


The Group increased the provisions for loans and advances by 28.8% to Ksh.209.1 million from to Ksh.162.5 million recorded in the first quarter of 2023.

Total non-performing loans increased marginally by 2.8%  reflecting the current operating conditions.

The Bank’s statutory ratios compliance position remained strong with the total capital ratio closing at 16.5 % while the liquidity ratio stood at 43% against the minimum statutory ratio of 20%.


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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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