Absa Bank Kenya Plc doubled its 2021 earnings with profit into Billions.
Absa Bank Kenya Plc has doubled its 2021 full year earnings with profit rising by 160 per cent in the calendar year to Ksh.10.9 billion from Ksh.4.2 billion a year prior.
The rise in the lender’s profitability is anchored on falling expenses and a steady growth in income streams across the 12 months.
Absa’s total operating income for instance has grown by seven per cent to Ksh.36.9 billion on the backdrop of an 8.1 and 5.4 per cent growth in net interest income and non-interest funded income (NFI) to Ksh.25.3 billion and Ksh.11.7 billion respectively.
At the same time, the bank has trimmed its total operating expenses by 16.7 per cent from Ksh.25.7 billion to Ksh.21.4 billion.
This is after trimming its cover for potential loan defaults by 47.8 per cent to Ksh.4.7 billion ...
