Absa Kenya reported a three percent net profit growth in the first quarter ended March, weighed down by costs of separating from its former parent company Barclays Plc.

The lender’s net profit stood at Sh1.95 billion in the review period compared to Sh1.89 billion a year earlier.

Its cost of rebranding to Absa, captured as exceptional items, increased 2.2 times to Sh552 million.

“The investment in transition programme will continue to have an impact on our financial results,” Absa said in a statement.

“This includes a substantial spend on modernising our systems as well as the continued investment towards building awareness, consideration and love for the Absa brand.” Read more