Absa Bank Kenya recorded a net profit increase of Kes 14.7 billion for the third quarter ending September, representing a 20% increase compared to last year.
The lender has attributed the performance to a 19% rise in funded income, which reached Kes 34.5 billion, and a 13% increase in non-funded income, which now totals Kes 12.2 billion.
Similarly, Absa’s loan book grew to Kes 311 billion, fueled by Kes 94 billion in new lending directed to critical sectors such as agriculture, infrastructure, and SMEs.
Customer deposits also rose to Kes 352 billion, reflecting strong customer confidence.
Absa Bank Kenya Chief Executive Officer (CEO) Abdi Mohamed credited the results to the disciplined execution of strategic initiatives that reinforce Absa’s reputation as a trusted financial partner in Kenya.
Did you read this?
“Our strategic objective remains on track to position Absa as a modern, holistic financial services provider, leveraging innovation and strategic partnerships to meet the evolving needs of our customers,” he said.
Despite the positive results, the bank’s operational costs increased by 13.7%, attributed to investments in transformational initiatives aimed at long-term growth and digital innovation.
