Absa Bank Kenya Reports Record Profits in 2023 Financial Year

Absa Bank Kenya Reports Record Profits in 2023 Financial Year

Full Financial Year Report: Absa Bank Kenya PLC announced stellar financial results for the 2023 fiscal year, with net earnings jumping 12.2% to reach a record high of 16.4 billion Kenyan shillings. This strong performance propelled the bank's total income past the 50 billion shilling mark for the first time in its history.

The impressive figures were driven by a 19% surge in revenue to 54.6 billion shillings, according to the bank's annual report released today. Profit after tax also saw a healthy 12% increase, climbing to 16.4 billion shillings.

Customer deposits grew by 19% to reach 363 billion shillings, while the bank extended 336 billion shillings in credit to businesses and individuals across the country.

Shareholders were also rewarded, with Absa announcing a full-year dividend of 1.55 shillings per share. The total dividend payout amounted to 8.4 billion shillings which is a 14.8% growth.

The bank's return on equity stood at an impressive 23.7%, bolstered by the strong earnings performance and optimization of capital.

The report is for the full financial year 2023 which ended on 31 December 2023. 

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