Absa Bank Kenya reported that quarter one net profit rose 51 per cent year on year to 4.51 billion shillings from 2.91 billion shillings, driven by strong growth in non-interest income.
The Bank’s total operating income rose 40 per cent to 13.9 billion shillings compared to a similar period in 2022.
During the period, non-interest income rose to 4.5 billion shillings from 3 billion shillings, attributed to an 80 per cent rise in foreign exchange trading income to 2.2 billion shillings.
Interest income grew by 36 per cent to 9.4 billion shillings from 6.9 billion shillings.
Its loan book grew to 310 billion shillings from 242.7 billion shillings.
“We are pleased with this impressive financial performance which was delivered against a challenging business environment,” Absa Bank Kenya Managing Director Abdi Mohamed said.
“It is a demonstration of the resilience of our business and serves as a good indication that our new strategy focused on building a bigger, better and more inclusive financial institution that consistently meets the needs of its customers and creates shared value for all its stakeholders is working.”
- Total revenue up 40% to Kshs.13.9 billion
- Non-interest income up 49% to Kshs 4.5 billion
- Net interest income up 36% to Kshs.9.4 billion
- Total assets up 17% to Kshs.514.6 billion
- Customer assets grew by 28% to Kshs. 309.9 billion
- Customer deposits grew by 15% to Kshs.310.8 billion
- Profit before tax increased by 49% to Kshs.6.4 billion