ABSA Kenya CEO Abdi Mohamed's Salary Hits Sh109 Million After 39% Pay Rise

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Absa Bank Kenya Chief Executive Officer Abdi Mohamed received a 39.7 percent salary increase in the year ended December 2024, bringing his total compensation to Sh109.7 million.

This marks a sharp rise from the Sh78.5 million earned in 2023, following strong company performance that delivered double-digit growth in both net profit and dividends.

According to the bank’s latest annual report, Mohamed’s base salary rose from Sh35.9 million to Sh50.4 million. His cash bonus also increased from Sh15.3 million to Sh19.8 million.

The total package includes additional earnings from a deferred bonus scheme and retirement benefits funded by the Nairobi Securities Exchange-listed lender.

The salary increment comes on the back of a 27.5 percent growth in Absa Kenya’s net profit to Sh20.8 billion, driven by higher interest income from customer lending. Despite a Sh26.7 billion reduction in its loan book, from Sh335.7 billion to Sh309 billion, the bank’s interest income rose by Sh9.1 billion to Sh53.3 billion.

The bank’s return on equity rose to 24.5 percent in 2024, up from 23.7 percent in 2023 and continuing a recovery from a 2020 low of 14.1 percent, which followed the economic disruptions of the COVID-19 pandemic.

As a result of the profit growth, Absa increased its total dividend per share to Sh1.75, from Sh1.55 in 2023. This will see the lender raise its total payout to shareholders to Sh9.5 billion, up from Sh8.4 billion.

Read: Absa Bank Launches Absa Mzawa Account for Tanzanians Living in the Diaspora

The bank’s chief financial officer, Yusuf Omari, also earned Sh71.4 million in total compensation in 2024, slightly down from Sh73.9 million in 2023 due to a lower bonus, although his base salary rose from Sh34 million to Sh38.3 million.

Absa’s stock gained 56.2 percent in 2024 to close the year at Sh18.05, with further appreciation recorded in 2025. The performance has provided shareholders with capital gains alongside dividend payouts.

The bank has been expanding its retail banking strategy in recent years, which includes mobile banking services, new branches, and a focus on affluent customers. Central Bank of Kenya data shows that Absa’s deposit accounts rose to 2.23 million in 2023 from 1.75 million in 2019.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.