Absa Bank Kenya PLC has reported a net profit of Kshs.3 Billion for the quarter ending 31 March 2022, this represents a growth of 22% as compared to a similar period last year.
This was on the back of a 12% rise in total income to Kshs.9.9 Billion, primarily driven by higher net interest income which went up by 15% year on year, as a result of increased lending. Non-funded income grew by 6% driven by new innovations and continued digitization.
For the period, total assets increased by 14% to Kshs.438 billion with growth mainly driven by customer lending. Customer deposits increased by 5% to Kshs.270 billion.
The Bank said its investment in new businesses is bearing fruit with bancassurance, asset management and financial markets products contributing significantly to income growth in the period under review.
Absa Bank Kenya Managing Director, Jeremy Awori, had this to say, “The year has started with great momentum and we are encouraged by this performance which is a reflection of the tenacity, determination and resilience of our customers across our different business segments. Our business is on a growth trajectory and well positioned to continue playing its rightful role in driving economic recovery from the slowdown experienced in the last two years.”