Family Bank Reports KES 3.2 Billion Profit Before Tax for Q3 2024
Family Bank Group has announced a strong financial performance for the third quarter of 2024, reporting a KES 3.26 billion profit before tax, marking an 8% increase from KES 3.02 billion in the same period last year.
The growth in profit was driven by robust income from both funded and non-funded sources. Total interest income rose by 29%, reaching KES 14.6 billion, fueled by a 20% increase in loans and advances, which amounted to KES 10.6 billion. The bank’s loan book also expanded by 11.3%, reaching KES 94.2 billion. Additionally, the bank’s investments in government securities saw a substantial 65% rise in interest income, reflecting higher yields and a growing investment portfolio.
Family Bank’s total assets grew by 16%, rising to KES 163.2 billion, up from KES 141 billion in September 2023, highlighting the bank’s continued growth trajectory. Non-funded income, which includes fees and commissions, grew by 13.2% to KES 3.3 billion, contributing to an 11% increase in total operating income.
CEO Nancy Njau attributed the performance to the bank’s strategic focus on growth, customer satisfaction, and operational efficiencies. “This growth in profit underscores our unwavering commitment to delivering on strategic priorities while placing our customers at the core of our efforts,” said Njau. “By aligning our investments with the evolving customer needs and driving operational efficiencies, we continue to position the Bank for sustained growth.”
Despite a challenging operating environment, Family Bank’s loan loss provisions expense decreased by 40.6%, thanks to enhanced collection efforts and the maintenance of a healthy loan portfolio. The bank also continued to invest in talent development, technology, and digital transformation, which resulted in a 12.4% increase in operating expenses to KES 7.7 billion.
Family Bank’s liquidity ratio stands strong at 43.9%, while its total capital ratio is at 16.5%, both well above the regulatory requirements of 20% and 14.5%, respectively.
Looking ahead, the bank’s continued focus on innovation and customer-centric solutions positions it for further growth in the coming months.
**About Family Bank**
Family Bank is one of Kenya’s leading financial institutions, known for its commitment to growing a strong retail customer base with a focus on SME banking. The bank operates a network of 95 branches across 32 counties and has over 750,000 customers, 4,900 bank agents, and 8,000 merchants nationwide. Family Bank prides itself on its digital innovation, being the first in Kenya to introduce paperless banking through smart card technology, mobile banking, and PesaPap.
In 2024, Family Bank won the Excellence in Customer Responsiveness award and was voted the third-best overall bank in the Kenya Bankers Association Customer Satisfaction and Digital Banking Experience survey. For more information, visit [www.familybank.co.ke](http://www.familybank.co.ke).
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