NAIROBI, Kenya, May 31 – Absa Bank Kenya recorded a 51 percent growth in profit after tax to Sh4.5 billion in the three months ending March, boosted by growth in the balance sheet.
Higher income came from an improved balance sheet, where its total assets rose 17 percent to Sh515 billion.
In the period, loans and advances grew to Sh310 billion, with most being lent to small and medium enterprises (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.
Likewise, customer deposits grew 15 percent to Sh311 billion.
Whereas the lender’s revenue went up by 40 percent to Sh13.9 billion, interest income grew to Sh9.4 billion, representing a 36 percent growth.
