Absa Bank net profit for 3 months up 24pc
BUSINESSBy PETER THEURI | Sat,May 22 2021 00:10:00 EATBy PETER THEURI | Sat,May 22 2021 00:10:00 EAT
Absa Bank Kenya has reported a 24 per cent increase in profit after tax to Sh2.4 billion for the first quarter ending March 31, 2021, compared to a similar period last year.
The performance was mainly driven by growth in interest income, particularly in the small and medium enterprises segment as the bank continued to support businesses to recover from the impact of Covid-19.
All the lender’s business units remained profitable and resilient, registering growth on key lines with all businesses registering growth year-on-year, Absa Bank Kenya Managing Director Jeremy Awori (pictured) said in a statement yesterday.
“In confronting the challenges posed by the Covid-19 pandemic, we have been greatly inspired by the ingenuity and undying determination espoused by our fellow Kenyans to rise above the storm and keep going,” he said.
Covid 19 Time Series
Total income grew by two per cent to Sh8.8 billion, mainly driven by the growth of interest income, which was up six per cent year-on-year on the back of increased lending. Costs dropped by 0ne percent compared to a similar period of 2020.
Net customer loans went up eight per cent to close at Sh218 billion as customer deposits also grew by a similar marginto Sh257 billion.
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