Family Bank shareholders have greenlit the creation of a non-operating holding company. The holding company will own shares along with any future non-banking subsidiaries, as the bank gears up for expansion across Africa.
“Expanding regionally remains a key part of our strategy to grow the business,” stated Family Bank CEO Nancy Njau. “We’re exploring entry into countries within East, West, and Central Africa.”
Shareholder approval came during the bank’s Annual General Meeting (AGM).
The AGM also saw approval for a dividend payout of Sh723 million for the financial year ending December 2023 compared to Sh795 million in the previous year.
Family Bank reported a 13.3% growth in Profit After Tax for the year ending December 2023, reaching Sh2.5 billion.
The bank’s focus on diversification proved successful, with non-interest income rising by 19%. This, along with a 15.4% increase in customer deposits to Sh102.59 billion.
Family Bank’s capital and liquidity ratios are well above regulatory requirements, closing at 16.9% and 38.7% respectively.
