NAIROBI, Kenya, Mar 18-Absa Bank has increased its dividend payout for the full year ended December 31 2023 by 14.8 percent to Ksh8.4 billion.

This means that every shareholder will get Ksh1.55 up from Ksh1.35 in a similar period last year. The lender says this move has been driven by the growth of its net profit to Ks16.4 billion.

Its chairman Charles Muchene while announcing the move observed that the lender has posted positive results and therefore there is a need to cascade the fruits to its shareholders.

”Based on improved profitability, the Board has proposed to shareholders a final dividend of Ksh1.35 per share, bringing the total dividend in 2023 to Ksh1.55 per share,” said Muchene.

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On his part, the company’s CEO Abdi Mohamed attributed the strong close to the implementation of Absa’s key strategies.

“We will continue driving and executing its strategy taking into account all stakeholders,” he said.
The lender during the release of its 2023 financials also disclosed that its customer deposits have grown by 19 percent to close the year at Ksh363 billion.

Similarly, its balance sheet has witnessed an upsurge majorly driven by mortgage-secured lending and trade loans in corporate and business bank customer asset base also went up by 18 percent to close at Ksh336 billion.

On the flip side, Absa recorded a 2 percent drop in its trading book Year-On-Year.