Absa Bank Kenya PLC has reported a Profit after Tax of Kshs.3 billion for the quarter ending 31 March 2022, a growth of 22% compared to a similar period last year.
The Bank's strong performance reflects customers' resilience in a challenging environment and points to improving macroeconomic conditions compared to the same period last year.
Managing Director Jeremy Awori attributed the Bank's success to the tenacity, determination, and resilience of its customers across different business segments.
"The year has started with great momentum and we are encouraged by this performance which is a reflection of the tenacity, determination, and resilience of our customers across our different business segments," Mr. Awori said.
For the period, total assets increased by 14% to Kshs.438 billion with growth mainly driven by customer lending. Customer deposits increased by 5% to Kshs.270 billion.
The Bank's investment in new businesses is bearing fruit with bancassurance, asset management, and financial markets products contributing significantly to income growth in the period under review.
"Our capital position remains strong to continue supporting a robust balance sheet growth. We have also accelerated our investment towards enabling new growth areas, improving customer experience, and driving operational efficiency," Mr. Awori said.
