Family Bank Group’s shareholders will receive their pay at a 52% rate higher compared to 2023, following a record Ksh.3.4 billion profit for the full year ended Dec 2024.
The profit represents a 38% uptick, having posted Ksh.2.5 billion it profit for the full year 2023
The performance was driven by robust and sustainable revenue growth, a strong capital base and liquidity position and cost and operational efficiency – according to the Group’s financial statement.
The Group’s total assets grew by 18.3% to Ksh.168.5 billion, driven by a 6.9% expansion in the net loan book to Ksh.92.9 billion.
Strong customer confidence was evident in the balance sheet, with customer deposits rising by 23.3% to Ksh.126.4 billion by year-end.
Also Read: Family Bank Celebrates 40 Years of Empowering Communities, Economic Growth
“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 the Group’s CEO, Nancy Njau.
Total revenue grew by 12.5% to Ksh.15.0 billion in what the bank said was supported by a 28.8% surge in total interest income to Ksh.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 Ksh.10.7 billion, while non-interest income rose by 8.9% to Ksh.4.3 billion on strong growth in other fees and commissions.
Loan loss provisions reduced by 48.3% to Ksh.717.2 million, reflecting improved asset quality and prudent risk management.
“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.
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