Tier one lenders NCBA, Absa, IM and StanChart grow third-quarter profits to show resilience
Business
By
Brian Ngugi
| Nov 24, 2023
Tier one lenders NCBA Group, Absa Bank Kenya, I&M and StanChart grew their third-quarter profits even as concerns mounted on the outlook of the economy in the remainder of the year.
NCBA Group posted a profit after tax of Sh14.6 billion in the nine months ending September 30 2023 representing a 14.4 per cent increase riding on higher interest and non-interest income.
It reported Sh12.8 billion in earnings during a similar period last year.
Absa Bank Kenya reported net earnings of Sh12.3 billion for the nine months ended 30 September.
This represented a 15 increase over the same period last year, driven by double-digit revenue growth across its income streams.
READ MORE
Orphan who benefited from Ebenezer scholarship excels in KCSE
Kenya's 'night runner': How a rural ritual with links to witchcraft became an urban staple
Museveni: still seeking power after 40 years of rule
Phasing out 8-4-4: KCSE exams enter final stretch
Concern over growing inequality as 47,798 candidates score E
Great Wall tenants accuse management of alleged negligence
Parents worry as 8-4-4 learners face neglect amid CBE transition
State faces new IMF test as loan talks resume
Let's prioritise quality learning this year
Saudi Arabia sets executions record in 2025, putting 356 people to death
Standard Chartered Bank Kenya recorded a net profit of Sh9.4 billion in the nine-month period demonstrating resilience despite reducing its government bond holdings as well as augmenting provisions for bad loans.
This profit signifies a growth of 9.3 per cent when compared to the Sh8.6 billion achieved during the same nine-month period in the previous year.
I&M Group posted a one per cent increase in profit after tax to Sh8.5 billion at the end of the nine-month period ended September compared to Sh8.4 billion over a similar period in 2022.