A Look At Abdi Mohamed, The Man At The Helm Of Absa Bank Kenya

Abdi Mohamed is the CEO and Managing Director of Absa Kenya Absa Bank Kenya Plc, effective from 1 May 2023. Absa Bank made the announcement of the official appointment of Abdi Mohemed as the man who will steer one of the most vibrant lenders within and without Kenya.

Abdi is a Kenyan with over twenty-eight (28) years of experience in the financial sector and has held various executive positions within Absa Group. Having been plugged from within the wheels of Absa Group, Abdi is not new to the brand.

Prior to his appointment to Absa Bank Kenya, he was the Managing Director of Absa Bank Tanzania and acting Managing Executive for Retail and Business Banking, Africa Regional Operations, Absa- a role that spans multiple geographies where Absa operates within Africa.

He has also previously served as Chief Operating Officer for the Bank in Kenya. Other roles he has held within the organization include Retail & Business Banking Director in Kenya and Zambia and Operations Efficiency Manager, at Barclays Global Retail & Commercial Banking, London.

Abdi Mohamed holds a Bachelor of Commerce (Hons) – from Kenyatta University, a Masters of Business Administration (MBA) – from Edith Cowan University, and an Advanced Management Programme (IMD Business School – Switzerland).

Abdi joins and takes the leadership of Absa Bank at the time the is blooming in terms of profits. The lender reported a Profit after Tax of 14.6 billion shillings for the year ended 31 December 2022, representing a 34 percent growth in comparison to the previous year.

At the same time, the Bank has declared a total dividend of 1.35 shillings per share, a 23 percent increase from last year, bringing the total dividend payout to 7.3 billion shillings.

The commendable performance was driven by sustained double-digit growth across all business segments as the Bank scaled efforts to support key sectors of the economy, helping businesses and individuals to thrive.

As such, customer loans in the period grew by 21 percent to 284 billion shillings. Customer deposits rose by 13 percent to 304 billion shillings further supporting balance sheet growth.

Total revenues went up 25 percent to 45.9 billion shillings, driven by a 28 percent growth in net interest income of 32.3 billion shillings.

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