Family Bank Group reported strong financial results for 2024, demonstrating steady growth and resilience. The bank’s after-tax profit rose by 38% to Ksh.3.4 billion, up from Ksh.2.5 billion in 2023.
Pre-tax profit saw a 22.5% rise to Ksh.3.9 billion, driven by a growing loan portfolio and increased investment income. Total revenue expanded by 12.5% to Ksh.15.0 billion, reflecting a solid performance across various business segments.
Interest income played a significant role in the bank’s growth, increasing by 28.8% to Ksh.20.3 billion. This was mainly due to a 20.5% rise in earnings from loans and advances, alongside a 62.1% surge 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, boosted by fees and commissions.
Chief Executive Officer Nancy Njau highlighted the bank’s strategic progress, stating, “2024 was a year of strategic resilience and strong top-line growth for Family Bank as we successfully concluded our five-year strategy. 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.”
Despite economic challenges, the bank continued to support key sectors such as SMEs, agribusiness, and manufacturing. “We remained agile by broadening our revenue streams, supporting key economic sectors, enhancing operational efficiencies, and deepening customer relationships,” Njau added.
Family Bank’s total assets increased by 18.3% to Ksh.168.5 billion, backed by a 6.9% expansion in its net loan book, now at Ksh.92.9 billion. These results reinforce the bank’s commitment to sustainable growth and long-term financial stability.
