Annual REPORT

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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 CORPORATE GOVERNANCE STATEMENT 9. CAPITAL STRUCTURE c) Distribution of Shareholders as at 31 December 2015 No. of No. of % Shareholders Shares 10,000,000 - Above 17 966,977,952 77.66% 50,000 - 9,999,999 559 224,238,891 18.01% 10,000 - 49,999 2,020 36,211,983 2.90% 1 - 9,999 3,227 17,758,370 1.43% ______ _________ ______ Total 5,823 1,245,187,196 100% ===== ========== ===== d) Directors Holding Shares as at 31 December 2015 Name No. of shares % Wilfred Kiboro 11,740,468 0.94% Titus Muya 66,965,268 5.38% Prof David Some 279,667 0.02% Dr Ruth Waweru 180,000 0.01% David Kimani 128,889 0.01% Julius Muyah 33,448,788 2.69% Francis Mungai 1,296,900 0.10% Peter Munyiri 10,223,258 0.82% Njung’e Kamau 10,000 0.001% ______________ _________ Total 124,273,238 9.97% ========== ====== ________________________________ Chairman 29th March 2016 34
REPORT OF THE DIRECTORS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 The directors have pleasure in presenting their annual report together with the audited financial statements of Family Bank Limited (“the bank”) and its subsidiary (together, “the group”) for the year ended 31 December 2015, which show the state of affairs of the group and of the bank. INCORPORATION The bank and its subsidiary, Family Insurance Agency Limited are both incorporated in the Republic of Kenya under the Companies Act and are domiciled in Kenya. ACTIVITIES The principal activities of the bank, which is licensed under the Banking Act, are the provision of banking, financial and related services. The principal activity of the subsidiary is to provide banc assurance services through insurance agency services. GROUP RESULTS The following is the summary of the results for the year ended 31 December 2015: Group Sh’000 Bank Sh’000 Profit before taxation 2,957,128 2,883,486 Taxation charge (974,182) (946,828) ________ ________ Profit for the year 1,982,946 1,936,658 ======= ======== DIVIDEND The directors recommend a first and final dividend of Sh 0.50 (2014: Sh 0.50) per share for the year amounting to Sh 622,593,598 (2014: Sh 622,593,598) subject to shareholders’ approval at the Annual General Meeting. DIRECTORS The present members of the board of directors are shown on page 2. Kabiru Kinyanjui and Mark Keriri resigned as directors in April 2015 and December 2015 respectively and Francis Mungai was appointed a director on 11 th June 2015. AUDITORS Deloitte & Touche, have expressed their willingness to continue in office in accordance with the provisions of section 159 (2) of the Companies Act (Cap 486) and subject to approval by the Central Bank of Kenya in accordance with section 24 of the Banking Act. BY ORDER OF THE BOARD Secretary Nairobi 29th March 2016 35
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Branches ANNUAL REPORT AND FINANCIA
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Annual REPORT

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