Absa Bank Kenya appoints Yusuf Omari as new Interim CEO

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Absa Bank Kenya has appointed Chief Finance Officer Yusuf Omari as its interim Chief Executive Officer following the resignation of Abdi Mohamed, who exits the lender after serving slightly more than three years at the helm.

The appointment takes immediate effect while the bank’s board undertakes the process of recruiting a substantive CEO. This marks the second time Omari has assumed the interim leadership role, having previously steered the bank following the departure of former CEO Jeremy Awori in 2022.

Announcing the leadership transition, Chairman of the Board Mohammed Nyaoga thanked Mohamed for his contribution to the institution.

“The board and management of Absa Bank Kenya appreciate Mr. Mohamed for his leadership, diligence, outstanding service, and contribution to Absa and wish him the very best in his future endeavours,” Nyaoga said.

The executive transition comes at a significant moment for the lender as Absa Group progresses with its KSh31 billion tender offer aimed at increasing its shareholding in Absa Bank Kenya from 68.5 percent to 85 percent. The offer is expected to close on August 11, 2026.

Leadership Change Follows Quarterly Profit Decline

The leadership announcement comes shortly after Absa Bank Kenya reported its first quarterly decline in profit after tax since 2017.

The bank posted a profit after tax of KSh5.31 billion for the three months ended March 31, 2026, representing a 13.9 percent decline from the KSh6.17 billion recorded during the corresponding period in 2025. Management attributed the weaker performance largely to lower interest rates, which affected both funded and non-funded income streams.

Despite the quarterly setback, Absa Bank Kenya has maintained a strong long-term growth trajectory. Over the past two decades, the lender’s total assets expanded from KSh109.4 billion in the first quarter of 2006 to KSh571.3 billion in the first quarter of 2026, reflecting an average annual growth rate of approximately eight percent.

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Similarly, profit after tax has risen significantly over the years, increasing from KSh820 million in the first quarter of 2006 before reaching a record KSh6.17 billion in the first quarter of 2025.

Who Is Yusuf Omari?

Yusuf Omari brings more than two decades of banking, finance, governance, audit and risk management experience to the interim CEO role.

He has served as Chief Finance Officer since May 2023 after previously acting as interim Managing Director. Omari first joined Absa Bank Kenya in 2004 from KPMG and has held several senior leadership positions across finance, internal audit, compliance and regional operations.

Before returning as CFO in 2023, he served in the same position from 2009 until November 2022, playing a key role in the bank’s financial management and strategic planning.

Prior to joining Absa, Omari worked as a Senior Auditor at KPMG between 1998 and 2004.

Academically, he holds a Bachelor of Economics degree from the University of Nairobi and an MBA from Strathmore Business School. He is also a Certified Public Accountant (CPA) and Certified Internal Auditor (CIA), and is a member of both the Institute of Certified Public Accountants of Kenya (ICPAK) and the Institute of Internal Auditors.

Beyond his executive responsibilities, Omari has served on several boards, including the University of Nairobi Enterprise Services and ICPAK, reinforcing his reputation as an experienced finance and corporate governance professional.

Expressing confidence in the appointment, Chairman Mohammed Nyaoga said the board believes Omari’s deep institutional knowledge and extensive leadership experience will ensure operational stability during the transition.

“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,” Nyaoga said.

With a permanent chief executive yet to be named, Omari is expected to oversee the bank’s operations as it pursues strategic growth initiatives, strengthens shareholder value, and navigates a challenging interest rate environment.