Absa Bank Kenya has announced net earnings of 20.9 billion for the year ended 31 December 2024, a 28% jump year over year. The bank also declared a total dividend of Ksh 9.5 billion which translates to Ksh 1.75 per ordinary share. This is represents a 13% increase from the previous year.
During the review period, Absa focused on supporting its customers to navigate economic shifts and capitalise on growth opportunities by improving access to financing and strengthening support for critical sectors. The Bank’s customer loans and advances closed at Kshs. 309 billion.
The bank expanded financial access in notable sectors such as manufacturing, trade, commercial property and affordable housing, renewable energy, amongst others, providing Kshs.180 billion in new gross lending.
Customer deposits increased to Kshs.367 billion, reflecting customers’ growing confidence in Absa as a leading financial partner. In the period, total revenue grew by 14% to Kshs. 62.3 billion, supported by strong funded income of Kshs. 46.2 billion and an 11% increase in non-funded income to Kshs. 16.1 billion.
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Absa Bank Kenya Managing Director & CEO, Abdi Mohamed, said, “Our customers are at the heart of our success, and these results show their ability to adapt and grow. We are committed to making Absa a modern and innovative bank that supports individuals, and businesses of all sizes. Our goal is to provide solutions that expand access to finance, drive economic progress, and improve the customer experience.”
Absa grew its agency banking network to 3,000 locations nationwide, with plans to scale to 17,000 outlets over the next two years. At the same time, the Bank strengthened its physical presence by opening new branches and relocating others to more strategic locations.
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