Absa Bank Kenya PLC has reported its financial performance for the first quarter of 2023 recording a growth of 51% in its Profit after Tax, reaching Kshs. 4.5 billion compared to the same period last year.
The bank‘s total revenue for the quarter increased by 40% to Kshs. 13.9 billion, driven by strong performances in various income streams. Non-interest income experienced remarkable growth of 49%, amounting to Kshs. 4.5 billion. Furthermore, net interest income rose by 36% to Kshs. 9.4 billion, reinforcing the bank’s core banking activities.
Absa Bank Kenya PLC total assets crossed the half-trillion mark, surging by 17% to Kshs. 514.6 billion. The bank’s loan portfolio increased by 28% to Kshs. 310 billion. Customer assets grew by 28% to reach Kshs. 309.9 billion.
Profit before tax saw a significant upswing, increasing by 49% to Kshs. 6.4 billion.
Absa Bank Kenya PLC’s Managing Director, Abdi Mohamed, expressed his satisfaction with the bank’s outstanding financial performance. He acknowledged the challenging operating conditions but emphasized the bank’s resilience and the success of its new strategic direction.
During the period under review, Absa Bank Kenya PLC expanded its mortgage offering to include 100% financing with a 25-year repayment period. Furthermore, the bank revamped its Islamic banking proposition and relaunched its China Desk, catering to the growing China-Africa trade.