NCBA profit up 21.4% to Ksh.3.4 billion in Q1 2022

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NCBA bank’s net profit for the first three months of 2022 surged by 21.4 percent to post Ksh.3.4 billion from Ksh.2.8 billion.

This has seen the lender’s earnings per share grow to Ksh.2.07 from Ksh.1.72.

Profit record has been anchored on a 17.3 percent growth in non-interest funded income to Ksh.6.1 billion from Ksh.5.2 billion.

NCBA has further held down costs growth with total operating expenses growing by 3.8 percent to Ksh.8.1 billion from Ksh.7.8 billion.

Its net interest income was 7.6 percent higher at Ksh.7.1 billion from Ksh.6.6 billion.

The Group has cut its loan-loss provisioning costs by a similar margin to cost growth with the loan defaults cover falling marginally to Ksh.2.5 billion from Ksh.2.6 billion.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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