Absa Bank Kenya has announced Ksh 20.9 billion in 2024 full year net profit that was powered by Ksh 10 billion in total interest income to Ksh 64.7 billion.
The lender has proposed a dividend payout of Ksh 1.75 per share which is an increase compared to Ksh 1.55 per share paid out last year.
This year shareholders are set to pocket more after the lender proposed to pay out Ksh 1.75 per share in May 2025.
This is after the lender registered a 27.5pci increase in its full year net profit to Ksh 20.9 billion.
Total interest income increased 19.3pc to Ksh 64.7 billion while total non-interest income rose 10.8pc to Ksh 16.1 billion.
On the other hand, total operating expenses rose 5.5pc to Ksh 32.6 billion on account of higher staff costs.
This is after staff costs increased from Ksh 11.7 billion to Ksh 13 billion on account of the lender opening more branches.
Despite the lender reducing its loans and advances to customers from Ksh 335.7 billion to Ksh 309.1 billion, the total non performing loans and advances increased from Ksh 29.4 billion to Ksh 35.3 billion.
This pushed Absa Bank Kenya to increase the loan loss provision from Ksh 17.4 billion to Ksh 20.8 billion.
By Fredrick Muoki
