Companies

Absa Kenya first quarter profit up 22 percent to Sh2.95bn

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Absa head office in Westlands, Nairobi. FILE PHOTO | NMG

Absa Bank Kenya net profit for the first quarter of the year has increased 22 percent, driven by growth in net interest and non-funded income.

Net profit for three months to March 2022 hit Sh2.95 billion from Sh2.41 billion in a similar period last year.

Total income grew by 12 percent to Sh9.9 billion, on the back of higher net interest income which went up by 15 percent year on year to Sh6.9 billion, as a result of increased lending and non-funded income which grew by 6 percent.

“The year has started with great momentum and we are encouraged by this performance which is a reflection of the tenacity, determination and resilience of our customers across our different business segments,” said Absa Bank Kenya chief executive Jeremy Awori.

“Our business is on a growth trajectory and well positioned to continue playing its rightful role in driving economic recovery from the slowdown experienced in the last two years.”
 

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