Absa Bank Kenya has announced a net profit of Sh6.2 billion for the first quarter of 2025, marking a four percent increase compared to the same period last year. The bank attributes the improved performance to strong operations and growing customer trust, despite tough economic conditions.
Between January and March 2025, the lender disbursed Sh308 billion in loans and advances to individuals and key sectors of the economy. During the same period, customer deposits grew by five percent to reach Sh371 billion, while total assets also rose by five percent to Sh520 billion.
However, the bank’s total revenue dropped by four percent year-on-year to Sh15.8 billion. This was due to a slight decrease in income from interest-bearing activities, which stood at Sh11.3 billion, and an 11 percent decline in other income sources, which totaled Sh4.5 billion.
Absa Bank Kenya Managing Director and CEO Abdi Mohamed said the bank continued to make progress under its current five-year strategy, despite the tough operating environment.
“While the operating environment remained complex, we continued to implement our forward-looking five-year strategic plan, which is guided by our core purpose: Empowering Africa’s tomorrow, together… one story at a time,” Mohamed said.
He added that the bank was pleased with the progress made and would continue to take prudent steps to maintain growth and strengthen its financial position.
During the quarter, Absa cut its total operating costs slightly by one percent to Sh5.5 billion. It also saw a 39 percent drop in loan impairment charges, which stood at Sh1.5 billion, thanks to better credit management and risk controls.
“Looking ahead, we remain strategically positioned for sustainable growth, anchored by a strong financial foundation and disciplined execution,” Mohamed said. “Our focus is firmly on delivering high-impact, customer-led initiatives while navigating a dynamic external environment.”