Absa Kenya profit jumps 161pc to Sh10.9 billion

Absa head office in Westlands, Nairobi. FILE PHOTO | NMG

By ADONIJAH NDEGE
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Summary

• Interest income grew by 8 percent to Sh31.9 billion due to increased lending to small and medium enterprises recovering from the Covid-19 pandemic.
• Total income from all business units rose by 7 percent to Sh36.9 billion.

Absa Bank Kenya on Tuesday announced a 161 percent rise in net profit to Sh10.9 billion for the year ended December 2021 on the back of growth in interest income. 

Interest income grew by 8 percent to Sh31.9 billion due to increased lending to small and medium enterprises recovering from the Covid-19 pandemic. Total income from all business units rose by 7 percent to Sh36.9 billion.

The company has declared a dividend of Sh1.1 per share which will bring the total payout to Sh6 billion. 

“We have drawn inspiration from the resilience of our customers and are committed to continue providing them with the financial solutions they need to pursue their growth ambitions,” Absa managing director Jeremy Awori said. 

“We are also pleased to resume dividend payment to our shareholders demonstrating the strength and resilience of our business.”

The lender’s total assets grew by 13 percent to Sh429 billion driven by general lending, mortgages, and business loans. 

“We significantly increased lending and business support to women entrepreneurs under our Women in Business proposition,” Mr Awori said. 

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