Absa Kenya nine-month profit up 15 percent to Sh12.3 billion
Absa Bank Kenya has announced net earnings of Kes12.3 billion for the nine months ending on September 30, reflecting a 15 percent increase compared to the same period in 2022. The Nairobi Securities Exchange-listed lender attributed the performance to double-digit revenue expansion across their core business segments.
During this period, Absa recorded 20 percent uptick in revenue, reaching Kes40.2 billion. This was underscored by balance sheet momentum as the bank continued to support individuals, businesses, and corporate customers in contributing to the country’s economic growth and development.
“Our dedication remains steadfast in providing SMEs with comprehensive support, encompassing both financial and non-financial services, to navigate the challenging business landscape,” Absa Bank Kenya Managing Director and CEO Adan Mohamed explained.
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Net interest income
In the nine months, loans and advances posted a 14 percent jump, reaching Kes331 billion, driven by secured and general lending. As a result, net interest income went up by 26 percent to close at Kes29.3 billion even as customer deposits soared by 26 percent to Kes354 billion, supporting the expansion of the loan book.
During the quarter, the Pan African lender launched the Wezesha Stock digital platform, facilitating financing for retailers and distributors to further strengthen SMEs capacity.
The bank’s transformation and diversification agenda have fostered operational resilience and created a diversified revenue pool. New business lines, such as Asset Management, Digital Finance, Bancassurance, and stock brokerage, delivered double-digit growth, making positive contributions to the overall strong performance. As a result, non-interest income grew by 6 percent year-on-year, totaling Kes10.8 billion.
“We continue to support all our customer segments with the right financial and non- financial support to achieve their ambitions in the right way and these results are a clear demonstration of that commitment,” Mr Mohamed said.
