Absa Bank Kenya records 15 percent increase in third quarter 2023 net earnings to Kshs.12.3 billion

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Absa Bank Kenya PLC Managing Director Abdi Mohamed 

NAIROBI,Kenya Nov 25...Absa Bank Kenya PLC has reported net earnings of Kshs.12.3 billion for the nine months ended 30 September 2023, a 15 percent increase over the same period last year, driven by double-digit revenue growth across core business segments.

The Bank recorded a 20 percent growth in revenue to Kshs.40.2 billion underscored by balance sheet momentum as it continued supporting individuals, business and corporate customers play their rightful role in the country’s economic growth and development

Loans and advances grew by 14 percent to Kshs.331 billion driven by secured and general lending subsequently net interest income rose 26 percent to close at Kshs.29.3 billion. Customer deposits grew by 26 percent to Kshs.354 billion, supporting the loan book growth.

“We are inspired by the positive progress we are making in the execution of our strategy focused on building a modern-day consumer financial services business, becoming a market leader in business banking while building a leading corporate and investment bank that is committed to connecting client ecosystems" said Absa Bank Kenya PLC Managing Director Abdi Mohamed

In addition new business lines such as Asset Management, Digital Finance,Bancassurance and stock brokerage delivered double-digit growth, positively contributing to the strong performance. As such, non-interest income grew by 6 percent year-on-year to Kshs.10.8 billion.

The Bank reaffirmed its commitment on the SMESs sector by allocating a Kshs.100 billion fund for SMEs over the next three years. This initiative aims to support businesses across diverse value chains.

“To further strengthen SMEs capacity, we launched the Wezesha Stock digital platform, facilitating financing for retailers and distributors. Our dedication remains steadfast in providing SMEs with comprehensive support, encompassing both financial and non-financial services, to navigate the challenging business landscape,” added  Mr. Mohamed 


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