Family Bank Group’s net earnings climbed to Sh3.4 billion in 2024, reflecting a 38 per cent increase from the previous year’s Sh2.5 billion.

The bank’s profit before tax also rose, closing at Sh3.9 billion, a 22.5 per cent jump from Sh3.1 billion in 2023.

The bank says its financial performance was anchored on revenue expansion, improved operational efficiency, and a solid capital base.

Total revenue went up by 12.5 per cent to Sh15.0 billion, backed by a rise in interest income, which surged by 28.8 per cent to Sh20.3 billion.

According to the bank, this was mainly driven by higher earnings from loans and advances, which grew by 20.5 per cent, and a notable 62.1 per cent increase in income from government securities.

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Net interest income reached Sh10.7 billion, marking a 13.9 per cent increase, while non-interest income expanded by 8.9 per cent to Sh4.3 billion, supported by stronger earnings from fees and commissions.

Family Bank's CEO Nancy Njau reflected on the bank's strategy and performance, noting the resilience demonstrated in a challenging economic environment.

She said, “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.”

The bank’s asset base expanded by 18.3 per cent to Sh168.5 billion, reflecting increased lending to businesses and individuals.

The loan book grew by 6.9 per cent to Sh92.9 billion, while customer deposits rose by 23.3 per cent to Sh126.4 billion, highlighting sustained confidence among clients.

On the cost front, the bank kept a tight grip on expenses, limiting the increase in total operating costs to 9.3 per cent.

A significant reduction in loan loss provisions, which dropped by 48.3 per cent to Sh717.2 million, pointed to enhanced asset quality and strengthened risk management.

Shareholders’ funds also increased by 32.7 per cent to Sh22.3 billion, with capital and liquidity ratios standing at 16.2 per cent and 43.9 per cent, respectively—both well above regulatory thresholds.

Njau also highlighted the bank’s future plans, emphasising the foundation laid for sustained growth.

“Our 2025-2029 strategy is anchored on innovation, digital transformation, customer-centricity, data-driven decision-making, and sustainable growth,” she stated.

To further reward shareholders, the Group’s Board of Directors has proposed a 52 per cent increase in dividend per share, raising it from Sh0.56 to Sh0.85.