Absa Group to earn $15.5m dividend from Kenyan subsidiary ahead of stake increase

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Absa Group is set to receive a $15.5 million dividend payment from its Kenyan subsidiary, Absa Bank Kenya, ahead of increasing its stake in the institution despite a 10% drop in half-year profits.

Absa Bank Kenya more than doubled its interim dividend to KSh0.50 per share, delivering about KSh2bn to its South African parent group as the lender positions the Nairobi subsidiary as a major dividend channel despite a 10% dip in half-year profits.