Absa Bank Kenya PLC has today reported a strong performance for the full year 2023 as net earnings increased 12% to Ksh16.4 billion compared to the previous year, supported by increased funding of core sectors fueling Kenya's economic growth.
In the period, revenues increased by 19% to Kshs.54.6 billion on the back of growing customer assets as well as faster growth of new business lines such as bancassurance, asset management, and digital finance. Interest income increased by 24% to Kshs.40 billion, while non-funded income grew by 6% to Kshs.14.5 billion despite a challenging macros environment.
Speaking while announcing the results, Abdi Mohamed, Absa Bank Kenya PLC Managing Director and CEO said: "This impressive performance truly reflects the growth and resilience of our customers who have continued to give us a chance to contribute to their growth story as their financial partner.
It is also a demonstration that our strategy is effective in creating value for all our stakeholders while delivering long-term growth in a dynamic operating environment. With 2023 being the first year of implementation of our five-year strategy, this performance gives us a strong launch pad from which we will execute our set priorities.”