Absa Bank Kenya made Kshs. 14.7 billion in net profit during the first nine months of this year, representing a 20% increase.
Total revenues increased by 16%, totaling Kshs. 46.8 billion, bolstered by funded income of Kshs. 34.5 billion.
Additionally, non-funded income grew by 13%, amounting to Kshs. 12.2 billion.
Customer deposits increased slightly to Kshs. 352 billion, illustrating sustained confidence in Absa as a primary financial partner.
Absa Bank Kenya PLC, Managing Director, Abdi Mohamed, says the improved financial performance highlights the disciplined execution of strategic initiatives that reinforce Absa’s position as a trusted brand, committed to advancing a sustainable future.
“The Bank’s strategic objective remains firmly on track toward becoming a holistic, modern financial services provider, meeting the evolving needs of our customers through innovation and strategic partnerships. We continue to diversify our revenue sources by enhancing payment solutions, improving customer experiences, and promoting financial inclusion through digital finance, affordable housing, and SME-oriented products such as Wezesha and Microinsurance,” says Mohamed.
Absa Bank Kenya’s loans and advances reached Kshs. 311 billion, with new gross lending of Kshs 94 billion directed towards critical sectors of the economy, reflecting Absa’s essential role in empowering Kenya’s growth story.
However, the lender increased loan loss impairment by 19% to Kshs 8.0 billion which it attributes to a challenging operating environment.
Mohamed says: ”As we look ahead, we are confident that with prudent management, we can leverage these opportunities and continue to support our customers’ and other stakeholders’ ambitions, consequently driving our own growth.”