Absa Bank Kenya PLC has reported a Profit after Tax of Kshs.14.6 billion for the year ended December 31, 2022, representing a 34% growth in comparison to the previous year.
As a result, the Bank has declared a total dividend of Ksh1.35 per share, a 23% increase from last year, bringing the total dividend payout to Ksh7.3 billion.
The commendable performance was driven by sustained double-digit growth across all business segments as the Bank scaled efforts to support key sectors of the economy, helping businesses and individuals to thrive. As such, customer loans in the period grew by 21% to Ksh284 billion. Customer deposits rose by 13% to Ksh304 billion further supporting balance sheet growth.
Total revenues went up 25% to Ksh45.9 billion, driven by a 28% growth in net interest income of Ksh32.3 billion. This was supported by increased lending, including to Small and Medium Sized Enterprises (SMEs) and to key economic sectors such as manufacturing, energy, and agriculture in recognition of the critical role they play in the advancement of our economy and job creation.
Additionally, the lender’s business diversification strategy has continued to pay off with non-funded income expanding by 17% to Ksh13.7 billion, reinforced by strong growth from our asset management business, foreign exchange income, bancassurance as well as card operations.
“We are pleased with this outstanding financial performance, which was achieved in the face of an unprecedented and complex operating environment characterized by significant events such as the General Elections, drought, and persistent Covid-19 pandemic impacts,” Absa Bank Kenya PLC Interim Managing Director Yusuf Omari said.
