Absa Bank Kenya recorded a 51 per cent profit growth after tax to Kes4.5 billion in the three months ending March.

The lender has attributed the increase to growth in the balance sheet, where its total assets rose 17 per cent to Kes 515 billion.

In the period, loans and advances grew to Kes310 billion, with most being lent to small and medium enterprises (SMEs).

Absa Bank Kenya PLC Managing Director Abdi Mohamed noted that the impressive financial performance was delivered against a challenging business environment.

“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 of its stakeholders is working.”

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Likewise, customer deposits grew 15 per cent to Kes311 billion.

Whereas the lender’s revenue increased by 40 per cent to Kes13.9 billion, interest income grew to Kes9.4 billion, representing a 36 per cent growth.