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Absa Bank Kenya has reported net earnings of Sh12.3 billion for the nine months ended September 30 2023.

This was a 15 per cent increase compared to SH10.7 billion posted in the same period last year, driven by double-digit revenue growth across its core business segments.

For the period, the bank recorded a 20 per cent growth in revenue to Sh40.2 billion underscored by balance sheet momentum as it continued supporting individuals, business and corporate customers to play their rightful role in the country’s economic growth and development.

Loans and advances grew by 14 per cent to Sh331 billion driven by secured and general lending. As a result, net interest income rose 26 per cent to close at Sh29.3 billion.

Customer deposits grew by 26 per cent to Sh354 billion, supporting the loan book growth, while customer assets increased by 14 per cent to Sh331 billion.

New business lines

New business lines such as asset management, digital finance, bancassurance and stock brokerage delivered double-digit growth.  As such, non-interest income grew by 6 per cent year-on-year to Sh10.8 billion.

“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,” Managing Director Abdi Mohamed said.

Impairment increased compared to the same period last year, signifying the bank’s prudence in risk management given balance sheet growth and tough operating environment.