Absa Bank Kenya posted a 29 percent net profit increase to Kes 10.7 billion in the first half of 2024, which was attributed to revenue generation and a growing customer demand for soft loans.
Similarly, customer deposits increased by 6 percent to Kes 353 billion, driven by an increase in funded income, which reached Kes 23 billion by the end of the reporting period.
Net interest income expanded by 20 percent to Kes 23 billion, and non-interest proceeds grew by 8 percent to Kes 8.8 billion.
Absa Bank Kenya Chief Executive Officer (CEO) Abdi Mohamed stated that the growth was realized amidst a challenging macroeconomic environment.
“This underscores the efficacy of the Bank’s growth strategy and its unwavering dedication to providing relevant financial solutions that address the diverse needs of individuals, enterprises, and communities. We want to continue being a critical enabler to their growth stories.”
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Further, he emphasized the importance of customer satisfaction and the bank’s commitment to supporting the Kenyan economy.
“Our most important aspect is our customers’ stories and how we relate with them. We must play our role in ensuring that the Kenyan economy continues to grow.”
As a result, Mohamed revealed that Absa’s board has approved an interim dividend of Kes 0.20 for its shareholders.
