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.
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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.