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HomeEconomyNCBA posts a pre-tax profit of Ksh.2.4 billion in Q1 of 2020

NCBA posts a pre-tax profit of Ksh.2.4 billion in Q1 of 2020

NCBA posts a pre-tax profit of KES 2.4 billion in Q1 of 2020

The NCBA Group PLC (NCBA) has posted a pre-tax profit of Ksh2.4 billion for the year ending March 31, 2020.

The lender’s total operating income for the quarter stood at Ksh10.9 billion with profit after tax of Ksh1.6 billion.

“The year started strong with promising growth driven by the optimism in the East African economies, however, the COVID-19 pandemic impacted business performance towards the end of the quarter.” Said NCBA Managing Director John Gachora.

In the ake of the pandemic which has caused economic distress, locally, Gachora said the Group expects for the overall NPL ratio to continue to be impacted negatively.

He noted the Bank has led the way in taking capital conservation measures including replacing an earlier proposed cash dividend with a bonus share issuance for the financial year 2019.

The announcement comes six months after NIC Group PLC (NIC), together with Commercial Bank of Africa completed the merger on October 1, 2019.

As part of conserving capital, the Group instead opted to offer shareholders a bonus share issue of one share for every 10 shares held.

The planned integration in the other jurisdictions where NCBA Group has a presence is ongoing and is expected to be completed by the close of the third quarter.

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