ABSA Bank posts 23.7% profit growth

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ABSA Bank Kenya has recorded a 23.7 percent growth in profits before tax for the period ended March 2021 to Ksh.2.4 billion.

The lender’s pretax profit for the period ended march 31, 2021 marginally dropped 1.7 percent to Ksh.3.26 a similar period last year to Ksh.3.21 billion.

During the period under review, ABSA Bank’s customer deposits went up 17 percent to hit Ksh.275 billion even as the lender increased loan provisions 17 percent to Ksh.10.2 billion.

However, the Bank’s total operating cost during the period increased 4.4 percent to Ksh.5.3 billion compared to Ksh.5 billion the previous year. Despite a loan book growth

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