Absa Bank records 29% increase in net earnings to Ksh. 10.7 billion

Absa Bank Kenya has reported a 10.7 billion shillings profit after tax for the first half of 2024, marking a 29 percent growth in the bank's earnings from the 8.3 billion shillings recorded in the same period in 2023. Managing Director Abdi Mohamed has attributed the performance to the stabilisation of the shilling against the dollar and manageable inflation to within the targeted range of 4.7 percent. However, according to Absa's Finance Director Yusuf Omari, despite the growth in customer deposits and the balance sheet, many wholesale customers are opting for short-term loans due to the current challenging business environment. Jimmy Mbogoh now talks us through the bank's earnings for the half-year.