Absa Bank Kenya has reported a 32% rise in its net profit to Ksh. 8.3 Billion for Half Year 2023. This is as compared to Ksh. 6.4 Billion that was reported in a similar period last year.
This rise in profitability was on the back of a 31% rise in income to Ksh. 27.4 Billion. This was driven by 33% rise in new interest income to Ksh. 19.2 Billion. Non-Funded income rose by 26% to Ksh. 8.1 Billion.
On the other hand, operating costs rose by 15% to Ksh. 10.1 Billion, this was driven by a rise in the staff costs to Ksh. 5.6 Billion with operating expenses hitting Ksh. 3.9 Billion.
Absa Bank experienced substantial growth in customer assets, which rose by 22% to Kshs.318 billion. This was complemented by an 18% increase in customer deposits, amounting to Kshs. 333 billion.
Absa Bank Kenya PLC Managing Director, Abdi Mohamed, said the performance is a clear testament to the resilience and tenacity of Kenyans and the Bank’s commitment to helping customers achieve their growth ambitions in an unpredictable business environment.
“Absa is at a critical point of a transformative era,with our new strategy presenting an all-round approach towards delivering enhanced social and economic transformation in the societies in which we operate. In the face of a complex business environment, we are proud of the role we continue to play as an active force for good for our customers and the economy by ensuring continued access to finance as evidenced by the growing balance sheet in the period under review,”
The Board of Directors of Absa Bank Kenya PLC declared an interim dividend of Kshs.0.20 per ordinary share of the Company. This dividend will be disbursed on or about Thursday, October 12, 2023. To be eligible for this dividend distribution, shareholders must be registered as of the close of business on Thursday, September 21, 2023.