Absa Bank reported a net profit of KSh16.4 billion for 2023, up 12 per cent from the previous year thanks to rising revenues as a result of increased funding of core sectors fueling Kenya’s economic growth.
READ ALSO:
The firm’s board announced a 15 per cent increase on its dividend to shareholders a final dividend payout of Sh7.3 billion translating to Sh1.35 a share.
In October 2023, interim dividend of Sh0.20 a share was paid, bringing the total dividend for the year to KSh8.42 billion.
Customer loans and advances were KSh336 billion translating to 18 per cent increase during the period under review, as the lender focused on supporting key economic sectors such as telecommunications, energy, trade, manufacturing, commercial property and affordable housing.
Revenues also grew by 19 per cent to hit KSh54.6 billion due to growing customer assets as well as faster growth of new business lines including digital finance, bancassurance and asset management.
Interest income increased by 24 per cent to Sh40 billion, while non-funded income grew by six per cent to Sh14.5 billion, despite a challenging macros environment.
