Absa Bank Kenya Chief Executive Officer (CEO) Abdi Mohamed has resigned after serving just over three years at the lender.
Following the changes, Chief Finance Officer Yusuf Omari will take over as interim CEO pending the appointment of a substantive chief executive.
This will be the second stint of Yusuf Omari serving as interim CEO, having previously assumed the role following the departure of Jeremy Awori in 2022.
Abdi Mohamed assumed office on May 1, 2023, after leading Absa Tanzania and serving in several senior leadership positions within the Absa Group.
“The board and management of Absa Bank Kenya appreciate Mr. Mohamed for his leadership, diligence, outstanding service, and contribution to Absa and wishes him the best in his future endeavours,” said Absa Bank Board of Directors Chairman Mr. Mohammed Nyaoga.
The leadership transition comes as Absa Group pursues a KSh31 billion tender offer to increase its stake in Absa Bank Kenya from 68.5 percent to 85.0 percent, with the offer expected to close on August 11, 2026.
Abdi Mohamed Resigns After Bank Posts First Profit Decline Since 2017
Absa Bank Kenya reported its first decline in quarterly profit after tax since 2017, citing the impact of lower interest rates on both funded and non-funded income.
The lender posted a profit after tax of KSh5.31 billion for the three months ended March 31, 2026, representing a 13.9 percent decline from KSh6.17 billion recorded during the same period in 2025.
Over the past two decades, the bank’s total assets have grown from KSh109.4 billion in the first quarter of 2006 to KSh571.3 billion in the first quarter of 2026, reflecting average annual growth of about 8 percent.
Also Read: Absa Bank Kenya Appoints Catherine Adeya as New Non-Executive Director
Profit after tax increased from KSh820 million in the first quarter of 2006 to a peak of KSh6.17 billion in the first quarter of 2025 before declining in the latest reporting period.
Yusuf Omari, New Absa Bank Interim CEO
Yusuf Omari has been serving as the Chief Finance Officer of Absa Bank Kenya, a role he has held since May 2023, following several months as interim managing director. Absa’s company profile confirms he joined the bank in 2004 from KPMG.
“The Board is fully committed to supporting Mr. Omari and is confident in his ability to provide strong, steady, and effective leadership during this period of transition. We believe his extensive experience and deep understanding of the business will ensure that the Bank remains focused on executing its strategy, delivering value to stakeholders, and sustaining its growth trajectory,” said Mr. Nyaoga.
He has been with Absa for a long time and previously served as CFO from 2009 to November 2022, after earlier roles in internal audit and compliance across the bank’s regional operations. Before Absa, he worked at KPMG as a senior auditor from 1998 to 2004.
Also Read: Mohammed Nyaoga: Githu Muigai’s Long-Time Partner Currently Leading Absa Bank
Yusuf Omari is a finance and governance professional with an MBA from Strathmore Business School and a bachelor’s degree in economics from the University of Nairobi.
He is also described as a Certified Public Accountant and Certified Internal Auditor, and he holds professional memberships with ICPAK and the Institute of Internal Auditors.
Beyond executive work, he has also served on boards, including the University of Nairobi Enterprise Services and ICPAK.
His public profile suggests a career focused on banking, finance, audit, compliance, and risk discipline rather than a purely commercial or sales background.
Follow our WhatsApp Channel and X Account for real-time news updates.
