Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Family bank outlines branch expansion plans

07 August 2014, 10:29

Nairobi - Family Bank, buoyed by an impressive set of financial results, announced an ambitions expansion plan that will culminate in the roll out of new branches in the country.

“We opened our 76th branch at City Hall Annex and will be relocating the Dagoretti branch to a new site along Ngong Road.

"We have lined up at least 10 new branches targeting increased business in the devolved units. New branches in Ukunda and Malindi will be opened for business within two months," Managing Director and Chief Executive Officer, Peter Munyiri, said.

He added that the expansion was strategic and guided by the county banking roadmap aimed at optimizing the devolved governance structure.

The bank has meanwhile announced its half-year results, posting an impressive 87 percent growth in profits to KSh 1,31 billion from the similar period last year.

It comes barely a year after the bank for the first time broke the Sh 1 billionceiling – when it posted a 108 percent growth.

The bank has been on a growth trajectory hitherto witnessed since conversion to a bank six years ago. Over the same period it has more than doubled its branch network from 35 to 73.

At 87 percent profit growth, the bank continues to grow faster than all the listed banks.

The nearly twofold growth in earnings is attributed to increase lending. The bank’s loan book expanded 18 percent to Sh 33 billion as at end of June 2014 from Sh 27,9 billion as at December 2013.

This was driven by increased lending to SMEs and personal consumers.

Munyiri said the county banking strategy to romp in more customers had also bolstered the bank’s performance.

“We are leveraging the enormous opportunities afforded by the devolved units guided by our ambitious strategy of becoming a tier one bank. Equally our loan book continues to expand signifying the strong support by our customers countrywide," said Munyiri.

The mid-tier lender has embarked on an expansion binge – riding on the emerging business opportunities in the counties – as it races to grow shareholders’ value and venture into the top tier space.

 - CAJ 


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Shakila Alivitsa
Types of men that are a waste of ...

Most women end up heartbroken because they were trying to convince the wrong man to be in a relationship/ marriage. Read more...

Submitted by
Shakila Alivitsa
Cheating is hardwork!

Cheating, although enjoyable by the person doing it initially, it gets to a point they start realizing that it was never even worth it. Read more...

Submitted by
Shakila Alivitsa
Dating that one person that socie...

Works at a massage parlour. Works at Millionaires Club (that one on Baricho road) - you know the ones I am talking about. Read more...

Submitted by
Shakila Alivitsa
Submitted by
Shakila Alivitsa
What do men mean when they say th...

As much as men think they are the ones confused by relationships, they have a better idea of it than most women actually do. Read more...

Submitted by
Wilson Ochieng
ODM rebels sweat in Kisii as Oran...

ODM rebels are sweating in Kisii after the Orange Party won by elections despite concerted efforts by the ruling Jubilee Party to win the elections. Read more...