Family Bank Group has reported a significant surge in net profit, climbing by 38 per cent to reach Sh3.4 billion for the year ended December 2024, up from Sh2.5 billion the previous year. This impressive performance, according to a statement released by the lender, is attributable to robust and sustainable revenue growth, a solid capital base, a strong liquidity position, and enhanced cost and operational efficiency. In light of these results, the Group’s board has proposed a substantial 52 per cent increase in dividends, from Sh0.56 per share to Sh0.85 per share.

The bank's total revenue saw a 12.5 per cent increase, amounting to Sh15.0 billion. This growth was primarily driven by a 28.8 per cent surge in total interest income, which rose to Sh20.3 billion, fueled by a 20.5 per cent increase in earnings from loans and advances. Additionally, the bank benefited from a 62.1 per cent increase in income from government securities.

Net interest income for the period grew by 13.9 per cent to Sh10.7 billion, while non-interest income increased by 8.9 per cent to Sh4.3 billion, supported by strong growth in other fees and commissions. Family Bank Chief Executive Nancy Njau highlighted the bank's strategic focus on diversifying its product offerings to meet the evolving needs of its customers and reinforcing its community presence.

“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 Nancy Njau, Family Bank CEO. She added that despite prevailing economic challenges, the bank remained agile by broadening its revenue streams, supporting key economic sectors such as SMEs, agribusiness, and manufacturing, enhancing operational efficiencies, and deepening customer relationships.

The Group’s total assets experienced substantial growth, increasing by 18.3 per cent to Sh168.5 billion, driven by a 6.9 per cent expansion in the net loan book to Sh92.9 billion. Customer confidence was evident in the balance sheet, with customer deposits rising by 23.3 per cent to Sh126.4 billion by year-end. The bank also maintained cost discipline, limiting the growth of total operating expenses to 9.3 per cent.

Furthermore, the bank demonstrated prudent risk management, with loan loss provisions decreasing by 48.3 per cent to Sh717.2 million, reflecting improved asset quality. Ms. Njau noted that the bank has laid a strong foundation for future growth, with a focus on scaling and deepening customer experience across all sectors. The bank’s 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, the bank is well-equipped to seize new opportunities and drive long-term value creation.

Family Bank remains well-capitalized, with shareholders’ funds increasing by 32.7 per cent to Sh22.3 billion. The bank’s core capital ratio and liquidity ratio also remain well above the regulatory threshold, with the capital ratio standing at 16.2 per cent and the liquidity ratio at 43.9 per cent. In related news, Family Bank has relocated its Kisii branch to Zonic Hotel along Hospital Rd to improve customer access and convenience. The opening ceremony was attended by Kitutu Chache South MP Hon. Anthony Kibagendi, Family Bank CEO Nancy Njau, Chief Retail Officer Phyllis Kimani, Kisii Central SDA church Pastor George Morara, AIC Church Bishop Phillip Mariita, and former MP Hon. David Kombo.