Absa Kenya’s first-quarter profit up 51 percent to Sh4.5 billion
Absa Bank Kenya’s net earnings for the three months’ period ended March have increased by 51 percent to Kes4.5 billion on higher income. In the quarter, loans and advances to customers went up by 28 percent to Kes310 billion with the bulk of the credit going to the small and medium enterprises (SMEs) segment. Absa has been positioning itself as a partner for powering SMEs growth in the country. Absa has introduced China Desk to support a growing community of Chinese investors and business people operating across the region. However, the bank’s provision for bad loans increased by Kes1.2 billion or 103 percent to Kes2.4…
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