The institution also reported an increase in its total revenue by 31 percent translating to Sh27.4 billion an increase from Sh20.9 billion in the same period last year.
At the same time, non-funded income increased by 26 percent to Sh8.1 billion, owing to positive outcomes from the ongoing revenue diversification.
Specifically, the Bank registered strong growth in forex income, fees and commissions, Asset Management, Bank assurance and stock brokerage, among others.
In its financial report for the period January 1 to June 30, Absa says its Customer deposits increased by 18 percent in the six months to Sh333 billion, allowing for further balance sheet expansion. Operating expenses for the review period for the lender subsequently increased by 15 percent on account of new anchored on driving business growth.
While reacting to the released financials, Absa Managing Director Abdi Mohamed has observed that the figures are a testament that the strategy they company has put in place works, adding that Absa is keen on helping customers achieve their long-term goals.
“We are very pleased with the numbers today. We have taken time to reflect and had a long period of engagement. This. This anchors the strategy that we seek to improve,” he averred.
Absa attributed the growth to innovation and digitization leveraging on its Mobi-Tap payment solution for SME’s as well as the Buy Now Pay Later(BNPL) services.
“These services have propelled us. Really stellar performance here. The core pillar for us is outperformance, “said Moses Muthui, Absa Chief Strategy Officer.
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