Family Bank shareholders have approved a record Ksh 1.1 billion dividend payout for the financial year ended 2024, marking a significant 53 percent increase from the previous year. The announcement was made during the bank’s Annual General Meeting, underscoring the institution’s robust financial performance and commitment to delivering value to its investors.
Family Bank Chairman Lazarus Muema attributed the impressive payout to the bank’s solid earnings, driven by a 38 percent surge in profit after tax. The bank closed the 2024 financial year with a net profit of Ksh 3.4 billion, reflecting strong operational efficiency and strategic execution.
“As a bank, we are deeply grateful to our shareholders for their unwavering support and confidence in our decisions. We remain focused on balancing sustainable returns with long-term capital growth as we work towards attaining Tier 1 status,” said Muema.
Out of the total approved dividend, Ksh 723 million will be distributed to shareholders, with the remainder being retained to support the bank’s expansion strategy. Muema noted that Family Bank is entering a new phase of growth anchored on innovation, digital transformation, and customer-centric solutions.
Family Bank Chief Executive Officer Nancy Njau reiterated the bank’s commitment to strengthening its market position. She emphasized that the bank’s future strategy is grounded in leveraging data-driven decision-making and sustainable business practices to stay ahead in a competitive banking landscape.
“Our strategy places strong emphasis on innovation and digital transformation to meet the evolving needs of our customers. We aim to position Family Bank as the preferred bank for Biashara by delivering relevant financial solutions that support businesses and entrepreneurs,” said Njau.
The strong financial results and increased dividend payout signal Family Bank’s resilience and adaptability in the face of market dynamics. With a forward-looking growth strategy, the bank is well-positioned to continue delivering shareholder value while scaling new heights in Kenya’s banking sector.
