Absa Bank Kenya nine-month profits up 19% to Ksh14.8bn
Kenya’s Absa bank has defied a tough economic environment to post a 19 per cent jump in profits in the bank’s full year earnings. The bank recorded a 14.75 billion net profit as interest and non-interest income soared. CNBC Africa’s Aby Agina is joined by Yusuf Omari, Chief Financial Officer, Absa Bank Kenya for more.
Tue, 19 Nov 2024 14:44:51 GMT
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AI Generated Summary
- Absa Bank Kenya reports a 19 per cent increase in profits driven by revenue growth
- Efficiency and cost management remain key focus areas for sustaining growth
- Focus on customer growth and revenue diversification to drive future performance
Absa Bank Kenya has reported an impressive 19 per cent increase in profits for the nine-month period, with a net profit of 14.75 billion Kenyan Shillings. The bank's Chief Financial Officer, Yusuf Omari, attributes this growth to a combination of factors including a 16 per cent revenue growth driven by a 24 per cent increase in net interest income and an 18 per cent growth in non-interest income. Despite facing challenges such as a rise in impairment numbers and operational costs, Absa Bank Kenya remains optimistic about its performance and future prospects. Yusuf Omari highlights the bank's focus on efficiency, revenue diversification, and customer growth as key strategies to sustain its momentum. The bank is optimistic about the potential for increased lending activity as interest rates stabilize and affordability improves. Additionally, Absa Bank Kenya aims to support SMEs and expand its customer base by offering more affordable lending options. Looking ahead, the bank remains focused on navigating macroeconomic uncertainties, remaining relevant in the markets it operates in, and continuing its strategic investments in digital transformation and customer service.
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