Absa Bank Kenya has recorded a 51% growth in net profit to Sh4.5 billion in the first quarter ending March.
Credited to growth in balance sheet, with total assets rising 17% to Sh15.5 billion.
Small and medium enterprises (SMEs) borrowed the most loans and advances between the said period.
Customer deposits grew 15 percent to Sh311 billion, and the lender’s revenue went up by 40 percent to Sh13.9 billion, interest income grew to Sh9.4 billion, representing a 36 percent growth.
“We are pleased with this impressive financial performance which was delivered against a challenging business environment,” Absa Bank Kenya PLC Managing Director Abdi Mohamed said.
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“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” Mohamed added.