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Absa Bank posts 13pc profit rise on loan earnings
Absa Bank Kenya Managing Director Jeremy Awori during Absa Bank Kenya's half-year financial results at the lender's Westland's headquarters on August 25, 2022.
Photo credit: Diana Ngila | Nation Media Group
What you need to know:
- Absa Bank’s half-year net profit grew 12.9 per cent to Sh6.3 billion on higher yields from loans and advances.
- The lender’s profit grew from Sh5.6 billion in a similar period last year as its loan book expanded by Sh44 billion to Sh262 billion.
- The lender said its average yield has risen to 10.4 per cent from 9.5 per cent last year after the Central Bank of Kenya (CBK) raised its key lending rate.
Absa Bank’s half-year net profit grew 12.9 per cent to Sh6.3 billion on higher yields from loans and advances as the bank adjusted to prevailing lending rates and increased lending to the private sector.
The lender’s profit grew from Sh5.6 billion in a similar period last year as its loan book expanded by Sh44 billion to Sh262 billion.
