Absa Bank Kenya served the market and its shareholders with many treats as it announced its much-awaited financial results for 2023.
First, the bank officially joined the coveted Kshs. 15 billion net profitability club as its net income grew by 12% to Ksh 16.37 billion. Secondly, both the balance sheet and profits grew by double digits, driven by the deepening of the value offered to corporate and SME clients and revenue diversification in the consumer markets.
The bank has insights into the challenging insurance market segment as its bancassurance sector continues to grow, while other bancassurance units in Kenya closely observe the company’s progress. Timiza Insurance, for example, grew by 68%.
The bank’s asset management unit saw its assets under management grow by 40%, while its other non-bank subsidiaries, Absa Securities, and custody business added to the bank’s shift to being a one-stop.
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In line with its brand tagline, #YourStoryMatters, the management focused on segmentation and personalization of offerings, particularly in the consumer market for individuals and households.
The CEO said they will maintain disciplined branch expansion as high-value conversations mostly occur in branches.
The bank’s shareholder funds have grown from Kshs 38.2 billion in 2014 to Kshs 69.20 billion in 2023, significantly increasing its capacity to offer value to the Kenyan economy. The Board of Directors recommended a final dividend per share (DPS) of KES 1.35, book closure, April 30, 2024; the bank had paid an interim dividend of KES 0.20. Total FY23 DPS of KES 1.55, +15%, year over year.
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