On Wednesday, Absa Bank Kenya PLC released its financial results for the first quarter of 2022, marking a significant milestone in the bank's growth trajectory.
The bank's Profit after Tax soared by 22% to Ksh 3 billion, a testament to its robust financial performance. This impressive growth was largely driven by a 15% increase in net interest income and a 6% rise in non-funded income.
Furthermore, the bank's total income rose by 12% to Ksh 9.9 billion, while its total assets increased by 14% to Ksh 438 billion, with customer lending being the primary driver of growth. Customer deposits also saw a 5% increase to Ksh 270 billion.
Notably, impairment dropped by 15% to Ksh 1.2 billion, and profit before tax increased by 26% to Ksh 4.3 billion.
43rd Annual General Meeting ¶
The bank is set to hold its 43rd Annual General Meeting (AGM) on Thursday, May 26th, 2022, at 10.00 am. Shareholders are expected to approve a dividend of KSh 1.10 for each ordinary share to be paid on or about May 26th, 2022, to shareholders on the Register of Members as at the close of business on April 25th, 2022.
