Absa Bank Kenya Plc posted a robust financial performance for the first half of 2024, with Profit After Tax (PAT) surging by 28.9% to Kshs 10.7 billion compared to Kshs 8.3 billion in the same period last year.
The bank’s net interest income increased by 19.7% to Kshs 23.0 billion, while net non-interest income rose by 8.4% to Kshs 8.8 billion.
These positive developments were offset by a modest 8.3% increase in total operating expenses, primarily driven by higher staff costs and other operating expenses.
“This commendable outcome realized amidst a challenging macro-economic environment, underscores the efficacy of the Bank’s growth strategy and its unwavering dedication to providing relevant financial solutions,” Absa Managing Director and CEO, Abdi Mohamed stated.
The bank’s board of directors has recommended an interim dividend of Kshs 0.2 per share, maintaining the same payout ratio of 10.1% as in H1’2023.
This translates to an annualized dividend yield of 2.8% based on the closing price on August 23, 2024.
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