Absa Bank Kenya wrapped up 2024 on a high note, delivering a financial performance that’s as impressive as it is strategic. With a 28% rise in profit after tax to Ksh 20.9 billion and total revenue hitting Ksh 62.3 billion, a 14% increase, the bank is growing and thriving. But beyond the big numbers, Absa’s real success story lies in its ability to innovate, empower businesses, and reward investors while staying ahead of the curve in an ever-evolving financial landscape.
For shareholders, 2024 brought good news. The total dividend per share increased by 13% to Ksh 1.75, meaning those who have stayed the course with Absa are reaping higher rewards. This growth reflects the bank’s strong financial performance and its commitment to delivering value to investors while maintaining a solid capital position for sustainable expansion.
The bank has also been making major strides in digital transformation. With 93.6% of transactions now happening through digital channels, Absa is proving that banking can be fast, seamless, and customer-friendly. Their agency banking network also saw rapid growth, now standing at 3,000 locations with plans to scale up significantly. This blend of digital convenience and physical presence ensures that Absa meets customers where they are, offering the best of both worlds.
A big driver of Absa’s success has been its focus on expanding access to financing, especially in sectors like manufacturing, trade, affordable housing, and renewable energy. The bank extended Ksh 180 billion in new lending, ensuring that businesses and individuals had the financial muscle to grow. At the same time, customer deposits grew to Ksh 367 billion, a testament to the confidence people have in Absa’s ability to safeguard and grow their wealth.
Beyond banking, Absa is making an impact in communities. Through its newly launched Absa Kenya Foundation, the bank is channeling resources into education, entrepreneurship, environmental conservation, and humanitarian efforts. Meanwhile, its continued investment in sports, including the Magical Kenya Open and Absa Sirikwa Classics, shows its commitment to supporting talent and boosting the country’s sports economy.
Looking ahead, Absa is not just content with its current momentum. It’s gearing up for even bigger things. With a strong balance sheet, disciplined execution of strategy, and a relentless focus on customer needs, the bank is well-positioned for sustainable growth. As Managing Director & CEO Abdi Mohamed put it, Absa remains committed to being a modern, innovative, and customer-centric bank that not only grows its numbers but also empowers individuals, businesses, and communities. The future looks bright, and for Absa, the journey is just getting started.
#AbsaFY2024Results
