Absa, Coca-Cola in small business loans deal
|Absa Bank Kenya CEO Jeremy Awori.|
Absa Bank Kenya has teamed up with Coca-Cola on a loan program targeting small businesses in the country. The partnership will benefit businesses that sell Coca-Cola products such as restaurants and soda distributors.
The deal allows Absa to consult Coca-Cola records to assess the creditworthiness of businesses to give loans. The Absa-Coca-Cola loan program targets more than 18,000 small businesses. The deal is part of the efforts by the companies to support businesses impacted by Covid-19.
What is Absa Kenya share price today?
Absa Bank Kenya share price closed Friday (October 9) at Ksh9.40. The shares are currently down 30% from where they began the year, reflecting the impact of the pandemic on the stock market. Absa shares trade on the Nairobi Securities Exchange under “ABSA” ticker symbol.
Absa Kenya share price history in 2020
It’s been a tough year for the Kenyan stock market amid the Covid-19 pandemic. Absa shares began 2020 at Ksh13.35 and managed to rise as high as Ksh14.20 in March. But the shares started sliding after Kenya began reporting Covid-19 cases, falling to Ksh8.50 low in August.
Absa financial results
Absa financial results show the pandemic has weighed heavily on the bank’s profit. The bank made a profit of Ksh589 million in the first half of 2020, compared to Ksh3.9 billion profit in the first half of 2019.