NCBA Group has outlined measures to grow its business within and outside Kenya after it posted a profit record for the year ended December 31, 2021.
In its growth plan, NCBA Group Managing Director John Gachora said the lender will tap into new markets in the Democratic Republic of Congo and Ethiopia.
This will add on top of 12 new branches that the lender intends to open in Kenya this year.
“NCBA has successfully adjusted to a new normal in this Covid-era. Our business is more resilient than ever before and is on a strong path for growth. I am very excited that our branch expansion and digitization plans are making us more relevant to a wider base of customers and enabling us to serve them better,” said Gachora.
It also intends to restructure its Tanzania subsidiary for growth.
This even as Gachora said the bank will inject Ksh.2.4 billion in regional business to support growth as it revamps digital business to offer more services.
As the year commenced, NCBA, through its mobile app was able to finalize the post-merger consolidation of its mobile banking channels.
The move was brought by the bank wanting to provide a unified platform and to deliver merger cost synergies in a bid to elevate customer experiences.
The ability of customers to pay directly to M-Pesa tills, taking digital loans of up to Ksh.70,000 as well as participating in FX trade daily was made possible through the consolidation.
NCBA had a net profit of Ksh.10.22 billion, representing a 124 percent growth rate from Ksh.4.57 billion that was reported in 2020.
Customer deposits also saw an increase of Ksh.48.4 billion, making it a total of Ksh.469.9 billion.
A dividend payment of Ksh.2.25 per share will be issued, together with an interim payment of Ksh.0.75, making the total payment of Ksh.3 per share.