Absa Bank Kenya recorded a 34 percent net profit growth to Kes 5.9 billion in the first quarter of 2024 compared to a similar period last year.

The lender’s total revenue increased by 19 percent to Kes 16.5 billion between January and March 2024.

Recently, the lender entered bancassurance, asset management, Timiza, and stock brokerage businesses.

Further, interest income rose 22 percent to Kes 11.4 billion, with non-funded income growing to Kes 5.1 billion, representing a 13 percent jump.

Absa Bank Kenya Chief Executive Officer (CEO) Abdi Mohamed noted that the bank has recorded the fastest growth in customer numbers through the rollout of new products, technologies, and relationship models.

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“The Bank has also continued to entrench itself as a market leader in Business Banking, undertaking significant growth campaigns focused on critical economic sectors such as agriculture, trade and manufacturing. Additionally, Absa continues to be a leading corporate and investment banking partner in the region.”

In the review period, its loans and advances expanded by 5 percent to Kes 327 billion.

Similarly, customer deposits expanded by 14 percent to Kes 355 billion.

“Looking ahead, we aim to continue sustaining the growth and momentum in our core business through a relentless focus on executing our strategy and thus driving our market share objectives,” he added.