FBL — Family Bank Limited

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria, with GrowingGrass bank tests in place of financial strength. Family Bank is a Kenyan commercial bank, so GrowingGrass applies its bank tests in place of Graham's financial-strength test. Its shares were admitted to the NSE by introduction in 2026, after shareholders approved the listing at an extraordinary general meeting on 27 Oct 2025; they do not appear in the NSE daily price list of 20 May 2026 and do by 23 Jul 2026. FY2025 results therefore have no NSE results-day price. Earnings and book value are the group's; capital ratios, non-performing loans and gross loans are the bank's, because the CBK-format extract prints those for the bank only. Shares are taken as 1,662,655,000, the paid-up capital of Shs 1,662,655k at the Shs 1.00 par value shown in the NSE list, which reconciles to the printed half-year EPS.

Fiscal year

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

√(22.5 × 4.41 × 19.98) = 44.53

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

Discount to Graham number: +26.6% at the results-day price of 32.70. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 2.23
group; six-month figure as printed, not annualised (3,703,767k ÷ 1,662.7m shares = 2.23). The trailing twelve months mix share bases: the FY2025 EPS of 3.93 rests on a weighted average of about 1,368m shares after capital raised late in 2025, and the Jun 2025 comparative on 1,305.2m. Twelve-month profit of 6,792,424k over current shares is 4.09 per share · basic · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026
Book value (BVPS): 19.98
no minority interest · attributable · computed: group total shareholders' funds 33,227,409k ÷ 1,662.7m shares, Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026
Dividend (DPS): Not compiled
Price on results day: 32.70
NSE daily price list VWAP, the exchange's official end-of-day price, on the day Family Bank posted the results to its website; the PDF was created on 17 Aug 2026 at 18:14, after the market closed, and no dated announcement was found · NSE daily price list 2026-08-20, p.1 · 20 Aug 2026

Size and capital

Total operating income (6 months): 12,091.6
group total operating income · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026
Total capital ratio: 18.2%
bank; the extract prints capital ratios for the bank only · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026
Core capital ratio: 15.7%
bank; the extract prints capital ratios for the bank only · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026
Gross non-performing loans: 18,144.8
bank gross non-performing loans and advances · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026
Gross loans: 119,908.2
computed: bank net loans and advances 111,065,938k plus loan loss provision 8,842,218k; the extract does not print gross loans · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026
KES per US$: 129.49
CBK daily exchange rates (mean) · 20 Aug 2026

Computed

EPS, trailing twelve months: 4.41
attributable · computed: H1 FY2026 EPS 2.23 + FY2025 3.93 − H1 FY2025 1.75 · 20 Aug 2026
Total operating income, trailing twelve months: 22,634.3
computed: H1 FY2026 total operating income 12,091.6m + FY2025 20,181.5m − H1 FY2025 9,638.8m · 20 Aug 2026
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 1.64
computed: price ÷ BVPS · 20 Aug 2026
Dividend yield: Not compiled
Non-performing loan ratio: 15.1%
computed: gross non-performing loans ÷ gross loans · 20 Aug 2026
Return on equity: Not compiled
Price ÷ Graham number: 0.73×
computed: price ÷ Graham number · 20 Aug 2026
Discount to Graham number: +26.6%
computed: (Graham number − price) ÷ Graham number · 20 Aug 2026

Graham's tests

1
Adequate size
GrowingGrass adaptation
Graham's size test uses annual sales, which banks do not report. GrowingGrass uses a bank's total operating income in its place, against Graham's US$100m floor.
Total operating income of at least US$100m
Interim
Met
Adequate sizeMet
Total operating income of at least US$100m · Interim: earnings on trailing twelve months
- Total operating income KES 22,634.3m ÷ 129.49 KES per US$ = US$174.8m
- US$174.8m against a floor of US$100mmeets
2
Capital adequacy
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the total capital ratio against the Central Bank of Kenya's minimum of 14.5% of risk-weighted assets.
Total capital ratio of at least 14.5%
Interim
Met
Capital adequacyMet
Total capital ratio of at least 14.5% · Interim: earnings on trailing twelve months
- Total capital ratio 18.2% against a minimum of 14.5%meets
3
Solvency
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the core capital ratio against the Central Bank of Kenya's minimum of 10.5% of risk-weighted assets.
Core capital ratio of at least 10.5%
Interim
Met
SolvencyMet
Core capital ratio of at least 10.5% · Interim: earnings on trailing twelve months
- Core capital ratio 15.7% against a minimum of 10.5%meets
4
Asset quality
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the share of loans not being repaid against a 10% ceiling set in its own methodology.
Non-performing loans no more than 10% of gross loans
Interim
Not met
Asset qualityNot met
Non-performing loans no more than 10% of gross loans · Interim: earnings on trailing twelve months
- Gross non-performing loans 18,144.8 ÷ gross loans 119,908.2 = 15.1%
- 15.1% against a ceiling of 10%falls short
Earnings stability
Positive EPS in each of the past 10 years
Interim
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 1 of 10 years
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2020
not held
not held
12m to Jun 2021
not held
not held
12m to Jun 2022
not held
not held
12m to Jun 2023
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
4.41
positive
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2020, EPS for 12m to Jun 2021, EPS for 12m to Jun 2022, EPS for 12m to Jun 2023, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Dividend record
A dividend paid in each of the past 20 years
Interim
No result: data not compiled
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 1 of 20 years (FY2007–FY2026)
Still needed: DPS for FY2007, DPS for FY2008, DPS for FY2009, DPS for FY2010, DPS for FY2011, DPS for FY2012, DPS for FY2013, DPS for FY2014, DPS for FY2015, DPS for FY2016, DPS for FY2017, DPS for FY2018, DPS for FY2019, DPS for FY2020, DPS for FY2021, DPS for FY2022, DPS for FY2023, DPS for FY2024, DPS for FY2026.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
Interim
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
4.41
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Moderate P/E
Price no more than 15 × three-year average EPS
Interim
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
Still needed: EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
9
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Interim
No result: data not compiled
Moderate P/BNo result: data not compiled
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 32.70 ÷ BVPS 19.98 = 1.64
- 1.64 against a ceiling of 1.5falls short
Still needed: EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.

Sources and notes

Book value (BVPS): attributable · computed: group total shareholders' funds 33,227,409k ÷ 1,662.7m shares, Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (no minority interest)
Price on results day: NSE daily price list 2026-08-20, p.1 · 20 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the day Family Bank posted the results to its website; the PDF was created on 17 Aug 2026 at 18:14, after the market closed, and no dated announcement was found)
Total capital ratio: Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (bank; the extract prints capital ratios for the bank only)
Core capital ratio: Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (bank; the extract prints capital ratios for the bank only)
Gross non-performing loans: Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (bank gross non-performing loans and advances)
Gross loans: Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (computed: bank net loans and advances 111,065,938k plus loan loss provision 8,842,218k; the extract does not print gross loans)
KES per US$: CBK daily exchange rates (mean) · 20 Aug 2026
EPS, 6 months to 2026-06-30: basic · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (group; six-month figure as printed, not annualised (3,703,767k ÷ 1,662.7m shares = 2.23). The trailing twelve months mix share bases: the FY2025 EPS of 3.93 rests on a weighted average of about 1,368m shares after capital raised late in 2025, and the Jun 2025 comparative on 1,305.2m. Twelve-month profit of 6,792,424k over current shares is 4.09 per share)
EPS, same 6 months a year earlier: basic · Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (group; six months to 30 Jun 2025 as printed in the 2026 report, not annualised (2,289,496k ÷ 1,305.2m shares = 1.75))
Total operating income, 6 months to 2026-06-30: Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (group total operating income)
Total operating income, same 6 months a year earlier: Unaudited financial statements and other disclosures (CBK format), 30 Jun 2026, p.1 · 20 Aug 2026 (group total operating income; six months to 30 Jun 2025 as printed in the 2026 report)