Nairobi — Shareholders of Family Bank will receive a total of Sh1.1 billion in dividends after approvals.

Each 2024 share is equivalent to Sh0.85, the lender announced.

This represents a 53 percent increase from the 2023 payout, when shareholders approved a distribution of Sh723 million.

The increment comes on the back of a 38 percent surge in profit after tax, which closed at Sh3.4 billion for the year ended 2024.

"As a Bank, we are deeply grateful to our shareholders for their unwavering support and confidence in our decisions as we continue to balance sustainable returns with long-term capital growth as we gear to attain Tier 1 status," Family Bank Chairman Lazarus Muema said.

On her part, Family Bank CEO Nancy Njau stated that the bank is committed to strengthening its position in the market.

"Our new strategy places strong emphasis on innovation, digital transformation, customer-centricity, data-driven decision-making, and sustainable growth, all aimed at positioning the Bank as the Preferred Bank for Biashara," she said.