Absa Bank Kenya posted a 22 percent jump in its 2022 quarter one net profit to Ksh.3 billion from Ksh.2.4 billion posted same period last year.
Absa Bank Kenya Managing Director, Jeremy Awori attributed this to the bank’s strong performance reflecting customers’ resilience amidst global uncertainties. This improved macroeconomic conditions compared to the similar period under review.
“The year has started with great momentum and we are encouraged by this performance which is a reflection of the tenacity, determination and resilience of our customers across our different business segments. Our business is on a growth trajectory and well-positioned to continue playing its rightful role in driving economic recovery from the slowdown experienced in the last two years,” said Awori.
The lender’s total assets increased by 14 percent to Ksh.438 billion with growth mainly driven by customer lending.
Its profit before tax went up by 26 percent to Ksh.4.3 billion.
At the same time, the bank’s customer deposits increased by 5 percent to Ksh.270 billion from Ksh.257 billion.
The growth in profitability for Absa Bank comes as its total income expanded by 12 percent to Ksh.9.9 billion, supported by higher net interest income which went up by 15 percent year on year, as a result of increased lending.
This was also contributed significantly by the lender’s new businesses, bancassurance, asset management and financial markets products in the period under review.
Subsequent to the rise in earnings. Absa has committed a capital investment of Ksh.2 billion in over 70 projects that are designed to increase operational efficiency and improve customer experience.