9-11 July 2024

Kenyatta International Convention Centre
Nairobi, Kenya
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NCBA Group net profit up 49pc to Ksh 5.1B

NCBA Group profit after tax has risen to Ksh 5.1 billion in the first three months of the year from Ksh 3.4 billion recorded over the same period last year.

“Growth in profitability was attributed to increase in operating income and a decline in loan impairment charges by 23pc. Despite the tough macro-economic conditions, the Group’s prudent management of credit risk has resulted in an improved non-performing loan ratio and a reduced cost of risk,” the bank said in a statement.

The bank saw operating income rise 18pc to Ksh15.5 billion, 18 per cent up year on year as net interest income surge from Ksh 7.1 billion to Ksh 8.4 billion shillings.

During the period, net loans and advances increased to Ksh 287.2 billion from Ksh 243.9 billion.

NCBA said provision for credit losses reduced 23pc to Ksh 2 billion.

On the other hand, customer deposits rose 7pc to Ksh 499.7 billion from Ksh 465.5 billion reported over the same period last year pushing total assets to Ksh 628.8 billion.

“We have a stable and growing deposit base which is an indication of our ability to invest and attract more retail and corporate customers by offering greater superior experience and convenience through a bigger network. Our systematic branch expansion has allowed us to cover 26 counties in Kenya, and we expect 36 in 2023 with target to add another 10 in 2023 which will enhance job opportunities across the regions we operate in,” said John Gachora, NCBA Group Managing Director.

The group says it currently lends to more than 60 million customers through mobile in the countries operates in, a move that has the lender issue Ksh 223 billion in digital loans, a 37pc increase year-on-year.

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