Absa Bank Kenya Profit up 28% to Ksh.20.9 Billion

Absa Bank Kenya PLC full-year profit surged by 29% to Ksh.29.9 billion due to disciplined execution of customer-centric strategies and investments in digital transformation.

This has seen the bank announce a total dividend of Ksh.9.5 billion, or Ksh.1.75 per ordinary share—a 13% increase from 2023.

This move, paired with a return on equity (ROE) rising to 24.5%, signals strong capital distribution capacity and positions Absa as an attractive investment option/

The bank’s customer loans and advances reached Ksh.309 billion, with Ksh.180 billion in new gross lending directed toward key sectors like manufacturing, trade, commercial property, affordable housing, and renewable energy.

This infusion spurred job creation and infrastructure development, aligning with Absa’s purpose of “Empowering Africa’s tomorrow, together … one story at a time.”

Total revenue grew 14% to Ksh.62.3 billion, driven by funded income of Ksh.46.2 billion and an 11% rise in non-funded income to Ksh.16.1 billion. With customer deposits also jumping to Ksh.367 billion.

“Our customers’ adaptability drives our success,” said Absa Managing Director and CEO Abdi Mohamed.

Also Read: How Absa Advanced Ksh.60 Billion Towards SDGs in 2023

Analysts may view this as a signal of sustained growth, underpinned by Absa’s focus on digital channels—where 93.6% of transactions now occur—and talent development, earning it top employer accolades.

Agency Banking Network

Absa’s agency banking network expanded to 3,000 locations, with plans to scale to 17,000 by 2027, while new branches and strategic relocations bolstered its physical footprint.

The bank also said it empowered over 35,000 SMEs and women-led businesses with financing and skills training, reinforcing its inclusive ecosystem. The ‘Invested in Your Story’ campaign further strengthened corporate client partnerships, offering tailored solutions for long-term success.

Sustainability efforts saw Absa advance Ksh.47 billion in sustainable finance, alongside the launch of the Absa Kenya Foundation, focusing on entrepreneurship, education, natural resource management, and health.

In sports, a decade-long Ksh.1.4 billion investment in events like the Magical Kenya Open underscores its broader economic contributions.