Absa Bank Kenya has recorded a growth in profit after tax of 30% to Kes 10.7 billion in the first nine months to September 30.

The growth is compared to Kes 8.2 billion in the same period in 2021.

The growth was attributed to a double-digit revenue growth powered by accelerated lending, especially to Small and Medium Enterprises (SMEs).

Further, the Bank ended the quarter with revenue growth of 22% to Kes 33.5 billion, with gross earnings for the period growing by 28% to Kes 15.1 billion.

Absa Bank interim CEO Yusuf Omari said the results inspire Kenyans' entrepreneurial spirit and commit to continue providing them with the financial and non-financial resources required for their businesses to thrive.

Omari said that in the last few weeks, the Bank has empowered 10,000 SMEs in 10 counties with capacity-building trainings, mentorship and financial support.

 “It is through such initiatives that we continue to deliver shared value for our customers and shareholders, as demonstrated by this financial performance,” Omari said.

During the period, the Bank’s transformation agenda has continued to pay off, with the non-funded income stream registering a 16 % growth to Kes 10.2 billion.

The growth is driven by better performance in FX income and growth from new businesses such as asset management and bancassurance.

On the other hand, interest income increased by 25% to Kes 23.3 billion while non-interest income closed the quarter up by 16 % to Kes 10.2 billion.