Absa Bank Kenya PLC has today announced a remarkable growth of 161% in Profit after Tax of Kshs.10.9 billion for the full year ended December 2021.
The bank's strong performance was mainly driven by growth in interest income as the lender stepped up efforts to support businesses recover from the negative effects of the pandemic and reposition for growth.
According to Absa, all its business units remained profitable, registering growth on key lines. Total income increased by 7% to Kshs.36.9 billion, primarily due to higher interest income, which increased by 8% year on year as a result of increased lending particularly in the Small and Medium Enterprises segment.
Jeremy Awori, Absa Kenya Managing Director, attributed the bank's strong performance to the resilience of their customers and improving macro-economic conditions. He added that the bank's management is committed to continue providing financial solutions to customers to pursue their growth ambitions.
The bank's management also highlighted the success of their investment in new businesses, including Timiza, Bancassurance, and Asset Management, which contributed to growth in the year under review.
Mr. Awori further stated that the bank significantly increased lending and business support to women entrepreneurs under their Women in Business proposition and continued investing in digitalisation and automation to improve customer experience.
