Absa Bank Kenya PLC has posted a profit after tax (PAT) of Ksh12.3 billion for the nine months to September 2023, driven by double-digit growth across core business segments.
This is a 15 per cent growth compared to the Ksh10.7 billion the lender reported in a similar period a year prior.
The Nairobi Securities Exchange (NSE)- listed lender’s revenue grew 20 per cent to Ksh40.2 billion while loans and advances jumped 14 per cent to Ksh331 billion aided by secure and general lending.
As a result, the net interest income rose 26 per cent to close at Ksh29.3 billion
Customer deposits on the other hand grew by 26 per cent to Ksh354 billion, supporting the loan book growth, while customer assets increased by 14 per cent to Ksh331 billion.
“We are inspired by the positive progress we are making in the execution of our strategy focused on building a modern-day consumer financial services business, becoming a market leader in business banking while building a leading corporate and investment bank that is committed to connecting client ecosystems,” said Absa Bank Kenya Managing Director (MD) Abdi Mohamed said.
Read: Absa Bank Kenya Posts Ksh8.3 Billion Profit
“We continue to support all our customers with the right financial and non-financial resources to achieve their ambitions and these results are a clear demonstration of that commitment,” added Mohamed.
The lender’s non-interest income grew to Ksh10.8 billion from Ksh10.1 billion.
Total operating income increased 20 per cent to Ksh40.1 billion from Ksh33.4 billion.
The listed lender announced a Ksh100 billion financing for micro, small and medium-sized enterprises (MSMEs).
“We have reaffirmed our commitment to the MSMEs through a Ksh100 billion funding commitment to spur the sectors’ development across various value chains over the next three years.”