Absa Kenya’s profit after tax grew by Sh4.5 billion to Sh20.9 billion in the full year ending December last year, boosted by rising interest and non-interest incomes.

In 2023, the lender’s net profit stood at Sh16.4 billion.

While the bank’s net interest income expanded by 15 percent to Sh46.2 billion, non-interest income grew up by 11 percent to Sh16.1 billion.

Absa Bank Kenya Managing Director & CEO, Abdi Mohamed, attributed the improved performance to disciplined execution of strategic initiatives that support customer growth.

“We are committed to making Absa a modern and innovative bank that supports individuals, and businesses of all sizes,” Mohamed said.

“Our goal is to provide solutions that expand access to finance, drive economic progress, and improve the customer experience.”

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In the review period, customer deposits increased to Sh367 billion, highlighting customers’ growing confidence in Absa.

Strong funded income of Sh46.2 billion buoyed Absa’s total revenue by 14 percent to Sh62.3 billion.

“In expanding financial access, Absa grew its agency banking network to 3,000 locations nationwide, with plans to scale to 17,000 outlets over the next two years,” Absa added.

“At the same time, the Bank strengthened its physical presence by opening new branches and relocating others to more strategic locations.”