ABSA Bank has posted a 32 percent net profit increase to Kes 8.3 billion in the six months ending June compared to a similar period last year.
The lender has attributed the growth to sustainable double-digit revenue growth on its cardinal revenue streams.
ABSA Bank also recorded an increase in its total revenue by 31 percent, translating to Kes 27.4 billion, an increase from Kes 20.9 billion in the same period last year.
At the same time, non-funded income increased by 26 percent to Kes 8.1 billion, owing to positive outcomes from the ongoing revenue diversification.
Specifically, the Bank registered strong growth in forex income, fees and commissions, Asset Management, Bank assurance, and stock brokerage, among others.
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Further, Absa says its Customer deposits increased by 18 percent in the six months to Kes 333 billion, allowing for further balance sheet expansion. Operating expenses for the review period for the lender subsequently increased by 15 percent because of new anchored on driving business growth.
Absa Managing Director Abdi Mohamed has observed that the figures are a testament to the company's strategy works, adding that Absa is keen on helping customers achieve their long-term goals.
“We are very pleased with the numbers today. We have taken time to reflect and had a long period of engagement. This. This anchors the strategy that we seek to improve,” he said.
Absa attributed the growth to innovation and digitization leveraging on its Mobi-Tap payment solution for SMEs and the Buy Now Pay Later(BNPL) services.
