Absa Bank Kenya announced a significant increase in net profit for the year ended December 2021.
The bank's net profit rose by 161 percent to Sh10.9 billion, with interest income growing by 8 percent to Sh31.9 billion.
This growth was largely due to increased lending to small and medium enterprises recovering from the Covid-19 pandemic.
Additionally, total income from all business units rose by 7 percent to Sh36.9 billion.
As a result, the company has declared a dividend of Sh1.1 per share, which will bring the total payout to Sh6 billion.
According to Absa managing director Jeremy Awori, the bank has drawn inspiration from the resilience of its customers and is committed to providing them with financial solutions to pursue their growth ambitions.
Mr. Awori also expressed the lender's pleasure in resuming dividend payment to shareholders, demonstrating the strength and resilience of their business.
The bank's total assets grew by 13 percent to Sh429 billion, driven by general lending, mortgages, and business loans.
Furthermore, Absa significantly increased lending and business support to women entrepreneurs under its Women in Business proposition.
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