Absa Bank Kenya PLC has reported a growth in profit after tax to Sh10.7 billion in the first nine months to September 30 compared to Sh8.2 billion in the same period last year.
The growth was attributed to a double-digit revenue growth, powered by accelerated lending, especially to the Small and Medium Enterprises (SMEs).
The lender ended the quarter with a revenue growth of 22 per cent to Sh33.5 billion.
Gross earnings for the period grew 28 per cent to Sh15.1 billion.
Commenting on the results, Absa Bank interim CEO Yusuf Omari said they are delighted to announce the positive results.
He said the results are an inspiration of the entrepreneurial spirit of Kenyans and commits to continue providing them with the necessary financial and non-financial resources required for their businesses to thrive.
“Over the last few weeks, we have empowered over 10,000 SMEs in 10 counties with capacity-building trainings, mentorship and financial support. It is through such initiatives that we continue to deliver shared value for our customers and shareholders, as demonstrated by this financial performance,” Omari said.
During the period, the Bank’s transformation agenda has continued to pay off, with the non-funded income stream registering a 16 per cent growth to Sh10.2 billion.
This was mainly driven by better performance in FX income and growth from new businesses such as asset management and bancassurance.
Net interest income was up 25 per cent to Sh23.3 billion while non-interest income closed the quarter up by 16 per cent to Sh10.2 billion.
Total assets grew 17 per cent to Sh481 billion while customer assets grew by 26 per cent to Sh289 billion.
Non-performing loans ratio stood at 6.9 per cent.
