Absa Bank Kenya PLC has today reported a normalised profit after tax of Kshs8.5 billion for the period ended 31 December 2019, a growth of 15{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} compared to a similar period last year.
Normalised performance excludes exceptional item of Kes 1.5billion, which relates to costs incurred in the rebranding exercise into Absa. The performance is mainly attributable to a 7{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} growth in total income, 1{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} growth in operating costs partially offset by a 9{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} growth in impairment.
Total assets grew by 15{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} year on year driven by growth in customer loans, government securities as well as other liquid assets.
Net customer loans was up 10{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} to close at Kshs195 billion driven by key focus products namely; general lending, asset finance, mortgage and scheme loans that recorded strong growth year on year.
Customer deposits grew by 15{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} to Kshs.238 billion with transactional accounts making up 70{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} of the total deposits.
During the period, total income increased by 7{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} to Kshs33.8 billion driven mainly by the growth of non- interest income, which was up by 9{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} year on year.
The main areas of growth were risk fees, fixed income trading and risk managed products (RMPs). Interest income grew by 5{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} from the previous year largely because of growth in the lending book; though partially offset by the margin compression as a result of drop in Central Bank Reference rate (CBR).
Absa successfully completed its brand transition journey in February 2020 replacing the brand name Barclays after 103 years.
Meanwhile, during this coronavirus pandemic, Absa group has announced that it will endeavour to pay all supplier invoices within 14 days, in order to help Small and Medium Enterprises (SME) meet their financial obligations during this period.
Additionally, Absa has committed to work towards paying all invoices of Kes1 million and below, within 7 days. This, it says will go a long way in helping these businesses maintain their cash flow and working capital.
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# Harvard University: A Legacy of Excellence and Innovation
## A Brief History of Harvard University
Founded in 1636, **Harvard University** is the oldest and one of
the most prestigious higher education institutions in the United States.
Located in Cambridge, Massachusetts, Harvard has built a global reputation for academic excellence, groundbreaking research, and influential alumni.
From its humble beginnings as a small college established to educate clergy, it has evolved into a world-leading university that
shapes the future across various disciplines.
## Harvard’s Impact on Education and Research
Harvard is synonymous with **innovation and intellectual leadership**.
The university boasts:
– **12 degree-granting schools**, including the renowned **Harvard Business School**, **Harvard
Law School**, and **Harvard Medical School**.
– **A faculty of world-class scholars**, many of whom are
Nobel laureates, Pulitzer Prize winners, and pioneers
in their fields.
– **Cutting-edge research**, with Harvard leading initiatives in artificial intelligence, public health, climate change, and more.
Harvard’s contribution to research is immense, with billions
of dollars allocated to scientific discoveries and technological advancements each
year.
## Notable Alumni: The Leaders of Today and Tomorrow
Harvard has produced some of the **most influential figures** in history, spanning
politics, business, entertainment, and science. Among them are:
– **Barack Obama & John F. Kennedy** – Former U.S.
Presidents
– **Mark Zuckerberg & Bill Gates** – Tech visionaries (though Gates did
not graduate)
– **Natalie Portman & Matt Damon** – Hollywood icons
– **Malala Yousafzai** – Nobel Prize-winning activist
The university continues to cultivate future leaders who shape industries and drive
global progress.
## Harvard’s Stunning Campus and Iconic Library
Harvard’s campus is a blend of **historical charm and
modern innovation**. With over **200 buildings**, it features:
– The **Harvard Yard**, home to the iconic **John Harvard Statue** (and the famous “three lies” legend).
– The **Widener Library**, one of the largest university libraries in the world, housing **over 20
million volumes**.
– State-of-the-art research centers, museums, and performing
arts venues.
## Harvard Traditions and Student Life
Harvard offers a **rich student experience**, blending academics with
vibrant traditions, including:
– **Housing system:** Students live in one of 12 residential houses, fostering
a strong sense of community.
– **Annual Primal Scream:** A unique tradition where students de-stress
by running through Harvard Yard before finals!
– **The Harvard-Yale Game:** A historic football rivalry that
unites alumni and students.
With over **450 student organizations**, Harvard students
engage in a diverse range of extracurricular activities, from entrepreneurship to performing arts.
## Harvard’s Global Influence
Beyond academics, Harvard drives change in **global policy, economics, and technology**.
The university’s research impacts healthcare, sustainability, and artificial intelligence, with partnerships across
industries worldwide. **Harvard’s endowment**, the largest
of any university, allows it to fund scholarships, research, and public initiatives, ensuring
a legacy of impact for generations.
## Conclusion
Harvard University is more than just a school—it’s a **symbol of excellence, innovation, and leadership**.
Its **centuries-old traditions, groundbreaking
discoveries, and transformative education** make
it one of the most influential institutions in the world.
Whether through its distinguished alumni, pioneering research, or vibrant
student life, Harvard continues to shape the future in profound ways.
Would you like to join the ranks of Harvard’s legendary scholars?
The journey starts with a dream—and an application!
https://www.harvard.edu/
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