Christine Kagendo 
𝐀𝐛𝐬𝐚 𝐁𝐚𝐧𝐤 𝐊𝐞𝐧𝐲𝐚 𝐏𝐨𝐬𝐭𝐬 𝟐𝟎% 𝐍𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐭𝐨 𝐊𝐬𝐡𝟏𝟒.𝟕 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐐𝟑 𝟐𝟎𝟐𝟒
Absa Bank Kenya PLC has reported a profit after tax of Kshs. 14.7 billion for Q3’2024, a 20% increase compared to the same period last year. The bank’s strategic focus on innovation, customer experience, and financial inclusion has driven a 16% increase in total revenues to Kshs. 46.8 billion. This growth is attributed to both traditional income streams and new sources like asset management and brokerage.
The bank has also expanded its service network and empowered over 14,000 entrepreneurs through non-financial solutions.
The Bank’s cost-to-income ratio improved to 37.8% despite a 13.7% rise in operating costs, while return on equity increased to 25.4%. Absa demonstrated strong liquidity (38.1%) and capital adequacy (19.4%), well above regulatory requirements.
The bank remains committed to its sustainability initiatives through the newly established Absa Kenya Foundation, focusing on enterprise development, education, natural resource management, and health.
Managing Director and CEO Abdi Mohamed expressed confidence in the bank’s continued growth, emphasizing its commitment to meeting the evolving needs of customers and supporting stakeholders’ ambitions.
August 2024,Absa Bank Kenya reported a profit after tax of Kshs.10.7 billion for the half year ended 30 June 2024, a 29% increase over the same period last year, supported by strong revenue growth across all business segments.
Key Performance Highlights:
• Total revenue up 16% to Kshs.31.8 billion
• Net interest income up 20% to Kshs.23.0 billion
• Non-interest income up 8% to Kshs.8.8 billion
• Customer deposits grew by 6% to Kshs.353.3 billion
• Interim dividend of Kshs 0.20 per share
Absa Bank Plc continues to empower its customers’ aspirations through access to finance as well as non-financial support. Loans and advances closed at Kshs.316.3 billion, with the Bank booking Kshs.64 billion in new gross lending to critical sectors of the economy.
In the period, total revenues rose 16% to stand at Kshs. 31.8 billion, underpinned by growth in funded income at Kshs. 23 billion. Additionally, non-funded income grew by 8.4%, reflecting both the strength of the legacy revenue streams and the robust double-digit growth from new income sources.
