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HomeWealthFamily Bank Approves KSh 1.1 Billion Dividend

Family Bank Approves KSh 1.1 Billion Dividend

Following an impressive 2021 full-year result, Family Bank has approved a KSh 1.1 billion, KSh 0.83 per share, dividend pay-out at its 15th Annual General Meeting.

In the full-year results of 2021, the bank recorded a KSh 3.3 billion profit before tax.

This is a 132 percent increase in earnings compared to 2020.

Speaking at the AGM, Family Bank Chairman Wilfred Kiboro thanked the shareholders for their patience and understanding through the year.

“It is on back of our strong 2021 full year performance and improved liquidity that as a Board we approved this dividend pay-out

“I would like to thank our shareholders for their patience, understanding and continued trust in our decisions over the years as we strike balance between return and capital maximization,” he said.

The bank was founded in 1984 as Family Finance Building Society Limited.

Titus Muya, the former non-executive chairman of Family Bank served as the founding chairman and chief executive officer for the first twenty-three years of the organisation.

In 2007, it became a commercial bank, following the issuance of a banking license by the Central Bank of Kenya, the country’s banking regulator.

In 2010, the bank diversified into the insurance industry through a subsidiary Dhamana Insurance Agency.

In 2013, the bank acquired a building in central Nairobi that serves as its headquarters and is currently undergoing renovation to carry its corporate image.

This is the same building where founder Muya had rented a small space that served as both a branch and his office.