Absa profit jumps 833pc to Sh5.6 billion

From left, Absa Country Director Moses Muthui, Managing Director Jeremy Awori and Anthony Mwithiga during the launch of WhatsApp banking. [Wilberforce Okwiri, Standard]

Absa Kenya’s profitability in the first half of this year grew more than nine-fold to Sh5.6 billion on increased repayment and aggressive cost management including retrenchments.

In the first six months of 2020, the lender recorded a profit after tax of Sh600 million as it set aside a huge chunk of its revenues as insurance against possible loan defaults.