Absa Posts 28% Growth in Net Earnings at Kes 2.4 Billion
Absa Group unaudited Net Profit for the first quarter ended March 31st 2021 rose to Kes 2.4 Billion compared to Kes 1.96 Billion in Q1, 2020, an increase of 28%.
The lender’s balance sheet size grew to Kes 384.1 Billion in Q1, 2021 compared to Kes 381.5 Billion, while customer deposits were up from Kes 238.7 Billion to Kes 257.1 Billion during the period under review.
Loans and Advances to Absa Group customers grew marginally from Kes 5.468 Billion to Kes 5.542 Billion, with total interest income falling from Kes 7.620 Billion to Kes 7.598 Billion at the end of Q1, 2021.
Customer Deposits also declined from Kes 1.5 Billion in Q1, 2020 to Kes 1.4 Billion in Q1, 2021.
Fees and Commissions earned by Absa from loans to its customers was up from Kes 390.7 Million to Kes 447.9 Million in Q1, 2021.
Absa Group pre-tax profit
The lender’s pre-tax profit declined marginally from Kes 3,430,267,000 in Q1 2020 to Kes 3,407,865,000 at the end of March 2021.
The bank’s increased loan loss provisions from Kes 1.1 Billion to Kes 1.4 Billion at the end of Q1, 2021.
The Group’s gross non-performing loans declined from Kes 17, 334,399,000 in Q1 2020 to Kes 17,267,408,000 in Q1, 2021.
Total Shareholders funds increased from Kes 42.3 Billion in Q1, 2020 to Kes 48.7 Billion in Q1, 2021, while total interest expenses declined from Kes 1.9 Billion to Kes 1.6 Billion.