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Absa spends Sh1 billion on litigation

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Absa Bank Kenya Chairman Charles Muchene (Centre) Interim Chief Executive Officer Yusuf Omari (right) and Interim Chief Financial officer Moses Muthui (left) during the Bank's 2022 full-year financial results investor briefing at Villa Rosa Kempinski Nairobi on Wednesday, March 15, 2023. PHOTO | DENNIS ONSONGO | NMG

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By  Kepha Muiruri

Business Reporter

Nation Media Group

Absa Bank Kenya Plc has disclosed spending Sh1 billion on court settlements in the financial year that ended on December 31, 2022.

The lender said on Wednesday that the expense was a one-off (non-recurring) based on litigation matters that the bank provides for.

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