Absa Bank Kenya PLC has recorded improved financial results for the year ended December 31, 2024, with net earnings rising by 28 per cent to Sh20.9 billion.
As part of its commitment to continue creating shareholder value, the lender has also declared a total dividend of Sh9.5 billion, translating to Sh1.75 per ordinary share, an increase of 13 per cent 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 Sh309 billion.
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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. By investing in these key areas, Absa not only continued strengthening individual businesses but also catalysing job creation, infrastructure development, reinforcing its purpose of “Empowering Africa’s tomorrow, together … one story at a time.”
Additionally, customer deposits increased to Sh367 billion, reflecting customers’ growing confidence in Absa as a leading financial partner. In the period, total revenue grew by 14 per cent to Sh62.3 billion, supported by strong funded income of Sh46.2 billion and an 11 per cent increase in non-funded income to Sh16.1 billion.
Absa Bank Kenya Managing Director and CEO, Abdi Mohamed, attributed the improved performance to disciplined execution of strategic initiatives that support customer growth while reinforcing the Bank’s reputation as a trusted brand committed to advancing a sustainable future.
“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,” said Mr. Mohamed.
He further highlighted Absa’s ongoing investment in digital transformation to enhance customer experience and its commitment to employee growth through talent development, future skills investment, and well-being initiatives that have earned the Bank recognition as a top employer for several years.
