Absa Bank Kenya has announced a 28.9 per cent increase in half year net profit to Sh. 10.7 billion. This came as profit before tax increased 27 per cent to Sh. 15.3 billion. In the financial results that were announced on Monday, the bank announced that during the first half of 2024, its customer deposits had grown by 6.2 per cent to Sh. 353.3 billion.
During the period under review, interest income had also increased by 29.3 per cent to Sh. 32.6 billion. Loans and advances to customers increased to Sh. 361 billion while the lender had a 16 per cent boost in revenue to Sh. 31.8 billion.
The lender announced that while transformational investments had contributed to a 12 per cent cost increase, ongoing prudent cost control improved our cost-to-in- come ratio to 35.8 per cent.
Absa Bank Kenya to expand its Agency Services Network to 17,000 outlets in two years
“We have sustained momentum in executing our strategy, resulting in improved profitability and further enhancing our Return on Equity. Our focused efforts to provide access to finance drove improved performance, with significant contributions from funded income,” said Absa Bank Kenya Chief Executive Officer and Managing Director Abdi Mohamed.
“We also empowered small enterprises and women-led businesses with essential non-financial solutions, helping them navigate a challenging landscape.”
Following this result, the Absa Kenya Board of Directors resolved to approve the payment of an interim dividend for the year 2024 of Sh. 0.20 per ordinary share of the company. The interim dividend is to be paid on or about Tuesday, 15 October 2024 to shareholders registered as at close of business on Friday, 20 September 2024.
