Jeremy Awori steps down as Absa CEO after nearly 10 years – Business Daily
Jeremy Awori. FILE PHOTO | NMG
Jeremy Awori is set to leave Absa Bank Kenya after nearly 10 years at the helm of the Nairobi Securities Exchange-listed lender.
The board of Absa announced Thursday that Mr awori will be leaving the company on October 31 to “pursue a career opportunity outside the Absa Group”.
The board also announced that the lender has already started the process of hiring a new CEO.
“Jeremy has been instrumental in driving significant growth and transformation of our business over the past decade and under his outstanding leadership, Absa Bank Kenya PLC has evolved into a modern-day business that all our stakeholders can be proud of,” Absa board chair Mr Charles Muchene said.
Absa recorded a 161 percent rise in profits to Sh10.8 billion last year and reinstated dividends, announcing a payout of Sh1.1 per share.
The bank’s half-year net profits increased 12.9 percent to Sh6.3 billion on higher yields from loans and advances as the bank adjusted to prevailing lending rates and increased lending to the private sector.
The lender’s profits grew from Sh5.6 billion in a similar period last year as the lender’s loan book increased by Sh44 billion to Sh262 billion.
“I am honored to have led Absa Kenya in making a difference in our society while achieving significant commercial milestones over the past decade. I am confident that Absa Kenya will scale greater heights going into the future,” Mr Awori said.
The tier one lender is the sixth-largest bank in Kenya by asset base with about Sh420 billion.