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Absa Bank reports an improved Ksh. 2.4B net profit in Q1 2021 Shares Absa Bank Kenya has reported profit after tax to Ksh. 2.4 billion for the period ending 31 March 2021. This is a 24% increase compared to a similar period last year. Their performance was driven by growth in interest income particularly in the small and medium enterprises segment as the bank continued to support businesses to recover from the impact of COVID-19. “In the period under review, we grew our business with some exciting propositions including the Absa She Business Account through which we have committed to impact over 1 million women owned and led businesses over the next 5 years. This account is tailormade for the needs of the woman entrepreneur and offers access to affordable finance, access to mentorship and coaching, access to information and training, as well as access to trade opportunities within the local and international markets. One of the outstanding offerings under this pr ....
Add to Bookmarks The new NSE derivatives offering will provide investors with a revolutionary onboarding process that will take less than five minutes to start trading as opposed to the current average two-day processing time, putting Kenya at par with global standards. Samwel Kiraka, CEO of EGM Securities, said: “We are very pleased to deliver another innovative and world-class offering to Kenya’s financial markets that enables investors to take quick advantage of intraday trading opportunities on the NSE derivatives markets, eg buy in the morning and sell in the afternoon, across all our trading platforms, including MT4, Webtrader, and Kenya’s well-known FXPesa.” ....
Absa Bank Kenya Plc.has announced plans to invest over Sh. 1.6 billion, approximately $16 million, in technology to enhance service delivery as it celebrates one year in the Kenyan market. Absa Managing Director Jeremy Awori noted that delivering a differentiated customer experience remains at the core of the bank’s Growth, Transformation and Returns strategy. “In the next year, we will be rolling out over 60 different technology projects, all aimed at transforming our customer experience. Some of these include automation of our loan top up process, a first-in-the market move which will enable our customers apply and get top ups on their existing loans within 15 minutes, and at the touch of a button. We will also be rolling out a fully-fledged online Business Banking platform in the coming weeks among other exciting innovations across our business segments,” said Mr. Awori. ....
Absa Bank Kenya Issues Profit Warning For FY 2020 By Juma / Published December 24, 2020 | 10:54 am Absa Bank Kenya Plc has issued a profit warning saying its net profit for the 2020 full year will be lower than expected. The listed lender cites increased impairment provisions due to the Covid-19 pandemic. The lender has however remained resilient. “Trends and forecasts show that the rate of impairment is increasing due to the delayed loan repayments and potential additional stress due to COVID-19 after-effects,” Absa notified its investors. The bank’s asset quality deteriorated, with the NPL ratio increased to 7.6 percent in Q3’2020, from 6.8 percent in Q3’2019, due to the faster 20.8 percent growth in gross NPLs, which outpaced the 7.3 percent growth in gross loans. ....