Absa Kenya first quarter profit increase 22% to Sh2.95bn

Absa Bank Kenya net profit for the first quarter of the year has increased 22%, driven by growth in net interest and non-funded income.

Net profit for three months to March 2022 hit Sh2.95 billion from Sh2.41 billion in a similar period last year.

Total income grew by 12% to Sh9.9 billion, on the back of higher net interest income which went up by 15% year on year to Sh6.9 billion, as a result of increased lending and non-funded income which grew by 6%.

“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,” said Absa Bank Kenya chief executive Jeremy Awori.

“Our business is on a growth trajectory and well positioned to continue playing its rightful role in driving economic recovery from the slowdown experienced in the last two years.”