Absa Bank’s net profit surged to Ksh.10.7 billion in nine months to September 2022.
This is a 30 percent growth compared to Ksh.8.2 billion recorded same period last year.
The growth is attributable to a double-digit revenue growth due to fueled lending, especially to the Small and Medium Enterprises (SMEs).
Its revenues skyrocketed by 22 percent to Ksh.33.5 billion in the year under review.
“Over the last few weeks, we have empowered over 10,000 SMEs in 10 counties with capacity-building trainings, mentorship and financial support. It is through such initiatives that we continue to deliver shared value for our customers and shareholders, as demonstrated by this financial performance,” said Absa Bank interim CEO Yusuf Omari .
Net interest income was up 25 percent to Ksh.23.3 billion while non-interest income closed the quarter up by 16 percent to Ksh.10.2 billion.
The bank’s total assets grew by 17 percent to Ksh.481 billion while customer assets grew by 26 per cent to Sh289 billion. Its Non-performing loans (NPL) ratio stood at 6.9 percent.