Family Bank Appoints New Board Chairman, Replaces Long-Serving Wilfred Kiboro

• Family Bank named Francis Gitau Mungai as the new board chairman, pending regulatory approvals, succeeding Wilfred Kiboro
• Kiboro is retiring after a successful tenure since 2012, having steered Family Bank through the COVID-19 pandemic and the 2016 banking crisis
• Family Bank reported a profit of KSh 2.5 billion after tax for the year ending December 31, 2023, marking a 13.3% increase from the previous year

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Family Bank has announced the appointment of architect Francis Gitau Mungai as the new board chairman, pending regulatory approvals. He will succeed Wilfred Kiboro, who has been at the helm since 2012.

Wilfred Kiboro's achievements

Kiboro will be retiring from his role and will be remembered as the man who steered the bank through the tumultuous COVID-19 pandemic when the economy went into shock. He was also the same man who manoeuvred the lender during the 2016 banking crisis.

He has also seen the bank expand from 68 branches to 95. The institution's profitability has increased from KSh 526 million in 2012 to KSh 2.5 billion in 2023.

During his leadership, the bank’s balance sheet surpassed the USD 1 billion mark (KSh 132 billion). He additionally helped found The Family Group Foundation, which champions and promotes community investment programmes.

The incoming chair, Mungai, who joined the Family Bank Board in 2016, has served as vice chairman for the past two years.

With over 30 years of experience in architecture and contract management, he is a founding partner of Aaki Consultants, Architects, and Urban Designers.

His previous leadership roles include positions with Triad Architects in Nairobi and Urban Innovation Group (UIG) in Los Angeles.

Family Bank reports KSh 2.5 billion profit after tax

In March 2024, the bank reported KSh 2.5 billion profit after tax for the full year ended 31 December 31, 2023, representing a 13.3 % growth compared to KSh 2.2 billion posted in 2022.

The group's total assets grew by 10.8%, reaching KSh 142.4 billion by year-end, up from KSh 128.5 billion in FY22.

This increase was primarily fuelled by a 15.4% rise in deposits, totalling KSh 102.59 billion at the end of the year.

The growth in deposits was attributed to the ongoing support and patronage from existing customers across all segments, as well as the addition of new customers throughout the year.

Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke