NCBA Group After Tax Profit Up 14.4% to Ksh.14.6 billion

NCBA Group PLC experienced a 14.4% increase in Profit After Tax, reaching Ksh.14.6 billion, highlighting its strategic initiatives and commitment to shareholder value.

The financial year saw a 19% year-on-year increase in customer deposits, closing at Ksh.548 billion, indicating customer trust and confidence in NCBA Group.

The Group’s assets experienced a 14% YoY growth to Ksh.679 billion, indicating a robust financial position and effective asset management strategies.

“Our Q3 performance continued to be buoyed by the significant contributions of the regional subsidiaries (Tanzania, Rwanda and Uganda) which collectively delivered a profit before tax of Ksh.2.3 billion (a notable improvement from the loss of Ksh.312 million posted in Q3 2022)” said John Gachora, NCBA Group CEO.

These regional outcomes were a result of the Group’s turnaround strategy in Tanzania and accelerated growth in Uganda and Rwanda.

NCBA Group increased its digital loan disbursement by 33% YoY, disbursing Ksh.695 billion, demonstrating its commitment to leveraging technology to meet its customers’ financial needs.

The Group’s operating income increased by 2% YoY, while its provision for credit losses decreased by 27% YoY, indicating effective risk management strategies.

The Group’s profit increased by 2% year on year, reaching Ksh.18.6 billion before tax and Ksh.14.6 billion after tax, indicating its profitability and shareholder value generation.

NCBA Group PLC’s robust financial performance is attributed to strategic initiatives, effective risk management, and commitment to digital transformation, ensuring value delivery to shareholders and customers.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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