Absa Bank Kenya Net Profit Rises 51% to Sh4.5B

In the three months that ended in March, Absa Bank Kenya posted an increase in profit after tax of 51% to Sh4.5 billion, helped by expansion in the balance sheet.

An improved balance sheet, where its total assets increased by 17% to Sh515 billion, resulted in more revenue.

Loans and advances increased to Sh310 billion during that time, the majority of which were given to small and medium-sized businesses (SMEs).

“We are pleased with this impressive financial performance which was delivered against a challenging business environment,” Absa Bank Kenya PLC Managing Director Abdi Mohamed said.

“It is a demonstration of the resilience of our business and serves as a good indication that our new strategy focused on building a bigger, better, and more inclusive financial institution that consistently meets the needs of its customers and creates shared value for all of its stakeholders is working,” Mohamed added.

Customer deposits also increased by 15% to Sh311 billion.

In contrast to the lender’s revenue, which increased by 40% to Sh13.9 billion, interest income increased by 36% to Sh9.4 billion.