NAIROBI, Kenya, Nov 19 – Absa Bank Kenya has announced a Sh14.7 billion profit after tax for the period, marking a 20% increase compared to the same period last year.
The bank attributes this strong performance to a 19% rise in funded income, which reached Sh34.5 billion, along with a 13% increase in non-funded income, now totalling Sh12.2 billion.
Absa’s loan book grew to Sh311 billion, fueled by Sh94 billion in new lending directed to critical sectors such as agriculture, infrastructure, and SMEs. Customer deposits also rose to Sh352 billion, reflecting strong customer confidence.
CEO Abdi Mohamed credited the results to the disciplined execution of strategic initiatives that reinforce Absa’s reputation as a trusted financial partner in Kenya. “Our strategic objective remains on track to position Absa as a modern, holistic financial services provider, leveraging innovation and strategic partnerships to meet the evolving needs of our customers,” he said.
Despite the positive results, the bank’s operational costs increased by 13.7%, attributed to investments in transformational initiatives aimed at long-term growth and digital innovation.
Absa’s focus on expanding payment solutions, enhancing customer experiences, and promoting financial inclusion through digital finance products such as Wezesha and Microinsurance underlines its commitment to supporting sustainable economic growth and broadening access to financial services.
