Family Bank Group has reported a Profit Before Tax (PBT) of KES 3.26 billion for the first nine months of 2024, reflecting an 8 percent year-on-year growth from KES 3.02 billion in the same period in 2023.
This robust performance was driven by a surge in income across key revenue streams. Total interest income rose by 29 percent to KES 14.6 billion, fueled by a 20 percent increase in income from loans and advances, which amounted to KES 10.6 billion. The Bank’s loan book grew by 11.3 percent, reaching KES 94.2 billion. Additionally, a 65 percent rise in interest income from government securities, attributed to higher yields and portfolio expansion, significantly contributed to the results.
The Group’s total assets climbed by 16 percent to KES 163.2 billion, up from KES 141 billion in September 2023, underscoring its strong growth trajectory. Non-funded income also grew by 13.2 percent to KES 3.3 billion, driven by a 14.5 percent increase in income from fees and commissions. This growth supported an 11 percent rise in total operating income, boosting the bottom line.“Our focus this year has been to accelerate business growth and optimize value creation across all areas of operation. The growth in profit underscores our unwavering commitment to delivering on strategic priorities while placing our customers at the core of our efforts,” said Family Bank CEO Nancy Njau.
She emphasized that the Bank’s strategic investments in technology, digital transformation, and talent development are beginning to yield positive results. This led to a 12.4 percent increase in operating expenses, which reached KES 7.7 billion. Despite the rise in expenses, loan loss provisions decreased by 40.6 percent compared to last year, attributed to enhanced collection efforts and improved portfolio quality.
Family Bank maintained a strong financial position, with its liquidity ratio at 43.9 percent and total capital ratio at 16.5 percent, both exceeding the regulatory requirements of 20 percent and 14.5 percent, respectively.
“As a Bank, we have strengthened our buffers, reflecting improved portfolio metrics. We continue to support our customers, including those facing challenges in meeting their obligations,” Njau added.
The Bank remains optimistic about sustained growth in the short to medium term as it continues to align its operations with evolving customer needs and deliver superior financial solutions.
Family Bank’s continued performance and resilience highlight its adaptability in a dynamic and challenging operating environment, further cementing its position as a leading financial institution in Kenya.