NAIROBI, Kenya, May 27 – Absa Bank Kenya’s profit after tax grew by four percent to Sh6.2 billion in the first quarter of this year compared to a similar period between January and March 2024.
The lender attributes improved revenue to operational resilience and customer confidence, coming on the back of a challenging macroeconomic landscape.
In the review period, for instance, it issued Sh308 billion in loans and advances to key economic sectors and individuals.
While customer deposits rose by five percent to Sh371 billion, total assets similarly grew by five percent to Sh520 billion.
However, total revenue dipped four percent year-on-year to Sh15.8 billion, impacted by a marginal decline in funded income to Sh11.3 billion and an 11 percent drop in non-funded income to Sh4.5 billion.
“While the operating environment remained complex, we continued to implement our forward-looking five-year strategic plan, which is guided by our core purpose: “Empowering Africa’s tomorrow, together…one story at a time,” Absa Bank Kenya Managing Director & CEO Abdi Mohamed said.
“We are satisfied by the progress attained in the review period, even as we implement prudent measures to strengthen and sustain our balance sheet momentum in the near term.”
Cost discipline helped Absa Bank Kenya cut total costs to Sh5.5 billion, representing a one percent decline.
Likewise, improved credit performance and effective risk controls led to a 39 percent decline in impairment charges, which stood at Sh1.5 billion.
“Looking ahead, we remain strategically positioned for sustainable growth, anchored by a strong financial foundation and disciplined execution,” he added.
“Our focus is firmly on delivering high-impact, customer-led initiatives while navigating a dynamic external environment.”
