By Eddah Waithaka
Family Bank Group delivered a strong financial performance in 2024, with Profit After Tax (PAT) jumping 38% to KES 3.4 billion, up from KES 2.5 billion in 2023.
The Group’s Profit Before Tax (PBT) also rose 22.5% to KES 3.9 billion, driven by sustainable revenue growth, cost efficiency, and a solid capital base.
Revenue Growth Fuels Strong Performance
Total revenue climbed 12.5% to KES 15.0 billion, supported by a 28.8% surge in interest income to KES 20.3 billion. The growth stemmed from a 20.5% increase in loans and advances and a 62.1% rise in government securities income.
Net interest income expanded 13.9% to KES 10.7 billion, while non-interest income grew 8.9% to KES 4.3 billion, boosted by higher fees and commissions.
Strategic Expansion and Cost Discipline
The Group’s total assets grew 18.3% to KES 168.5 billion, with net loans increasing 6.9% to KES 92.9 billion, reinforcing its commitment to private-sector lending.
Customer deposits surged 23.3% to KES 126.4 billion, reflecting strong market confidence.
Despite economic pressures, the Bank maintained cost discipline, limiting operating expense growth to 9.3%.
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Additionally, loan loss provisions dropped 48.3% to KES 717.2 million, signaling improved asset quality.
CEO Highlights Resilience and Future Strategy
Nancy Njau, Family Bank CEO, attributed the performance to strategic resilience and diversified revenue streams. “2024 was a year of strong top-line growth as we concluded our five-year strategy. We focused on customer-centric solutions, supported SMEs, agribusiness, and manufacturing, and enhanced operational efficiency,” she said.
Looking ahead, Njau emphasized innovation, digital transformation, and sustainable growth under the 2025-2029 strategy. “With a strong capital base and solid market positioning, we are well-placed to seize new opportunities,” she added.
Strong Capital Position and Shareholder Returns
Shareholders’ funds grew 32.7% to KES 22.3 billion, while capital and liquidity ratios remained robust at 16.2% and 43.9%, well above regulatory requirements.
In a move to reward investors, the Board proposed a 52% dividend increase to KES 0.85 per share, up from KES 0.56 in 2023.
Family Bank’s 2024 results underscore its resilience, strategic execution, and commitment to long-term value creation amid a dynamic economic landscape.
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