Absa Kenya Group unaudited Net Profit for the first quarter ended March 31st 2021 rose to KSh 2.4 Billion compared to KSh 1.96 Billion in Q1, 2020, an increase of 28%.
The lender’s balance sheet size grew to KSh 384.1 Billion in Q1, 2021 compared to KSh 381.5 Billion, while customer deposits were up from KSh 238.7 Billion to KSh 257.1 Billion during the period under review.
Loans and Advances to Absa Group customers grew marginally from KSh 5.468 Billion to KSh 5.542 Billion, with total interest income falling from KSh 7.620 Billion to KSh 7.598 Billion at the end of Q1, 2021.
Customer Deposits also declined from KSh 1.5 Billion in Q1, 2020 to KSh 1.4 Billion in Q1, 2021.
Fees and Commissions earned by Absa from loans to its customers was up from KSh 390.7 Million to KSh 447.9 Million in Q1, 2021.
Absa Kenya Group Pre-tax Profit
The lender’s pre-tax profit declined marginally from KSh 3,430,267,000 in Q1 2020 to KSh 3,407,865,000 at the end of March 2021.
Absa increased loan loss provisions from KSh 1.1 Billion to KSh 1.4 Billion at the end of Q1, 2021.
The Group’s gross non-performing loans declined from KSh 17, 334,399,000 in Q1 2020 to KSh 17,267,408,000 in Q1, 2021.
Total Shareholders funds increased from KSh 42.3 Billion in Q1, 2020 to KSh 48.7 Billion in Q1, 2021, while total interest expenses declined from KSh 1.9 Billion to KSh 1.6 Billion.