Absa Bank Kenya Q1 2022 Profit Up 22% to Ksh 3 Billion

Absa Bank Kenya PLC has on Wednesday released its financial results for the first quarter of 2022 posting a 22% growth in Profit after Tax to Ksh 3 billion. 

The Bank’s total income rose by 12% to Ksh 9.9 billion, driven by higher net interest income which grew by 15%. Non-funded income grew by 6%.

Its total assets increased by 14% to Ksh 438 billion with growth mainly driven by customer lending. Customer deposits increased by 5% to Ksh 270 billion.

Impairment dropped by 15% to Kshs.1.2 billion while profit before tax increased by 26% to Kshs.4.3 billion.

Absa 43rd AGM

The lender is expected to hold its 43rd Annual General Meeting (AGM) on Thursday, May 26th 2022, at 10.00 am. Shareholders are expected to approve a dividend of KSh 1.10 for each ordinary share to be paid on or about May 26th, 2022, to shareholders on the Register of Members as at the close of business on April 25th, 2022.

READ; StanChart Kenya Q1 2022 Net Earnings up 16.7% to KSh 2.8 Billion