Absa Bank Kenya has announced impressive financial results for the third quarter of 2024. The bank recorded a 20% year-on-year increase in profit after tax, reaching Kshs. 14.7 billion.

This strong performance is attributed to a combination of factors, including strategic focus on innovation, customer experience, and financial inclusion.

Key Highlights from Q3 2024:

• Loan and Advance Growth: The bank’s loan and advance portfolio expanded to Kshs. 311 billion, with new gross lending of Kshs. 9 billion directed towards key sectors of the economy. This demonstrates Absa’s commitment to supporting Kenya’s economic development.
• Revenue Growth: Total revenues surged by 10% to Kshs. 46.8 billion, driven by both funded and non-funded income sources. Funded income reached Kshs. 345 billion, while non-funded income grew by 13% to Kshs. 12.2 billion. This growth reflects the bank’s ability to diversify its revenue streams and capitalise on emerging opportunities.
• Strong Customer Base: Customer deposits increased slightly to Kshs. 352 billion, indicating continued trust and confidence in Absa as a reliable financial partner.

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• Enhanced Efficiency: The bank’s cost-to-income ratio improved to 37.8%, reflecting a commitment to operational efficiency.
• Strong Financial Position: Absa Kenya maintained a robust financial position with a liquidity ratio of 38.1% and a capital adequacy ratio of 19.4%, well above regulatory requirements.
• Social Impact: The newly established Absa Kenya Foundation is dedicated to supporting enterprise development, education, natural resource management, and health, demonstrating the bank’s commitment to sustainable development.

A Customer-Centric Approach

Absa Kenya’s success can be attributed to its customer-centric approach. The bank has expanded its service network and empowered over 14,000 entrepreneurs through non-financial solutions. By understanding and addressing the evolving needs of its customers, Absa Kenya has built strong relationships and fostered loyalty.

Absa Bank Kenya offers a wide range of financial services to its customers, ensuring convenience and efficiency. For international transfers, knowing the Absa Bank Kenya Swift Code is essential to complete secure transactions.

Additionally, customers frequently check the Absa Bank Kenya exchange rates today to stay updated on currency conversions. To access their accounts, users can quickly navigate through the Absa Bank Kenya login portal, which provides seamless entry to their banking needs.

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The Absa Bank Kenya online banking platform further enhances the experience, allowing users to manage their finances from anywhere.

A Bright Future Ahead

Absa Kenya’s Managing Director and CEO, Abdi Mohamed, expressed optimism about the bank’s future. He emphasised the bank’s commitment to innovation, digital transformation, and sustainable growth. By leveraging technology and data-driven insights, Absa Kenya aims to further enhance customer experience and drive financial inclusion.

As Absa Kenya continues to strengthen its position in the Kenyan market, it remains committed to delivering value to its shareholders, customers, and the broader community.