NCBA to open 12 more branches in 2022

NCBA Group posts 77% profit growth, announces Ksh.0.75 dividend per share

NCBA Group has put in place plans to open 12 new branches across the country in 2022.

According to the lender, the plan is part of its expansion strategy to target small businesses who have been hit by coronavirus pandemic in the country.

This even as the bank hinted at stepping its foot in the Democratic Republic of Congo and Ethiopia as the African continent opens its door for Continental Free Trade Area.

The plan comes hardly a year after the lender opened 13 other branches in Mombasa, Nyeri, Karatina, Ruiru, Nungoma and Embu.

Other regions were Kakamega, Kericho, Ngong, Naivasha and Kiambu.

The expansion plan comes against the backdrop of the lender’s record in profit when it posted a 114 percent net profit to Ksh.10.22 billion for the full year ended December 31, 2021.

This is up from 4.57 billion shillings reported in the previous year.

The lender’s profit before tax stood at Ksh.15.03 billion.

The record profit for the lender has been attributed to an increase in operating incomes of Ksh.2.7 billion and a significant decline in loan impairment charges of Ksh.7.7 billion.

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