Absa Bank has reported a Kshs. 20.9 billion for the year ended 31 December 2024. This represents a 28% rise in profitability from the Ksh. 16.4 Billion reported in a similar period last year.
The rise in profitability was on the back of a 14% rise in total revenue to Kshs. 62.3 billion. This was supported by strong funded income of Kshs. 46.2 billion and an 11% increase in non-funded income to Kshs. 16.1 billion.
On the other hand, operating costs rose by 9% to Ksh. 23.5 Billion driven by a rise in staff costs to Ksh. 13 Billion. While other costs rose by 5% to Ksh. 10,489.
Absa indicated that its total assets had dipped by 2.6 percent to end the year at Ksh. 506.5 Billion as compared to Ksh. 519.8 Billion in 2023. Customer assets stood at Ksh. 309 Billion down from Ksh. 336 Billion the previous year.
Customer deposits stood at Ksh. 367.1 Billion which was a rise from Ksh. 362.7 Billion realized last year. Interest from government securities stood at Ksh. 9.4 Billion up from Ksh. 9.1 Billion in 2023.
Gross non-performing loans stood at Ksh. 42.4 Billion up from Ks. 35.2 Billion in 2023 while non—performing loans were at Ksh. 14.4 Billion up from Ksh. 12 Billion. While the loan loss provision was at Ksh. 9.09 Billion down from Ksh. 9. Billion the previous year.
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.”
The Bank declared a total dividend of Kshs. 9.5 billion, translating to Kshs. 1.75 per ordinary share, an increase of 13% from the previous year.