Absa Bank Kenya’s net profit climbed by 23.7 percent in the first quarter of the year.
This was attributed to higher net interest revenue and the elimination of separation charges from Barclays Plc.
The three-month net profit for March 2021 was Sh2.42 billion, up from Sh1.95 billion in the same time previous year.
Absa’s net interest revenue climbed by 6% to Sh5.96 billion, reflecting higher lending, with the loan book increasing by 7.5 percent to Sh218.3 billion.
The lack of one-off Sh552 million booked in the previous quarter as part of separation charges from London’s Barclays Plc benefited the lender’s bottom line.
Last year, Absa Bank spent Sh1.06 billion on layoffs in the coronavirus environment, resulting in a personnel reduction of 161.
As it moves to further the conversion to digital channels, the lender ended the year with 1,991 personnel, down from 2,152 the previous year.
In February, Absa reported a 40% drop in branch activity as customers sought out alternate channels like as mobile and internet banking to reduce their chance of getting the virus.
