Absa Announces Sh 2.3 Billion Profit for First Quarter of 2020
NAIROBI, 27TH MAY 2020: Absa Bank Kenya PLC has on Tuesday reported a Normalised profit after tax of Kshs.2.3 billion for the period ended 31 March 2020, a growth of 13% compared to a similar period last year.
Normalized performance excludes exceptional items of Kshs 0.6billion, which relates to costs incurred in the transition to Absa. The performance is mainly attributable to an 8% growth in total income, a 5% drop in operating costs partially offset by a 75% growth in impairment.
Totals assets grew by 10% year on year driven by growth in customer loans, investments in Government securities as well as other liquid assets. Net Customer loans was up 12% to close at Kshs.203 billion driven by key focus products namely General lending, trade loans, mortgage, and scheme loans that recorded strong growth year on year.