Family Bank Approves Ksh 1.1 Billion Dividend After Strong Profit Growth in 2024
Nairobi – Family Bank shareholders have approved a Ksh 1.1 billion dividend payout for the 2024 financial year, following a 38% rise in profit after tax. The payout, set at 85 cents per share, marks a 53% increase compared to the 2023 dividend.
The decision was announced during the bank’s Annual General Meeting held Wednesday. According to Family Bank Chairman Lazarus Muema, the payout reflects the bank’s strong performance and growing investor confidence.
“We are deeply grateful to our shareholders for their continued support,” Muema said. “This dividend recognizes the strength of our results while maintaining our goal of achieving Tier 1 status.”
In total, shareholders approved the distribution of Ksh 723 million in earnings. The payout is part of a broader plan to reward investors while maintaining capital for future expansion.
The bank reported a profit after tax of Ksh 3.4 billion for the 2024 fiscal year, fueled by higher lending volumes, improved asset quality, and strong returns on investments.
Family Bank Chief Executive Officer Nancy Njau confirmed that the institution is focusing on scaling operations through customer-driven services and data-backed strategies.
“As we enter the next phase of growth, our strategy remains clear—meeting customer needs through innovation and sound decision-making,” Njau said. “Our focus will stay on sustainable growth that builds long-term value for our stakeholders.”
The dividend approval comes at a time when Kenya’s financial sector is seeing increased competition and rising demand for digital banking services. Family Bank has emphasized investments in digital tools and market expansion as it seeks to compete with top-tier banks.
The bank’s 2024 performance places it among the few mid-tier lenders showing consistent upward growth amid a tough economic environment.
