NCBA Group  After Tax Profit Up 4.4% in Q1 2024

NCBA Group posted  4.4% growth in after-tax profit to Ksh.5.3 billion for the full year ended March 31, 2024.

The strong performance was driven by an increase in the net interest income which gained 29.8% to Ksh.19.1 billion up from Ksh.14.7 billion.

Expansion in its loan book also contributed to the lender’s profitability rising to Ksh.320.5 billion from Ksh.287.1 billion.

Its loan loss provisions dropped 30% to Ksh.1.3 billion from Ksh.1.9 billion.

NCBA Group Managing  Director and Chief Executive John Gachora lauded the lender’s diversified business model saying it has maintained NCBA’s growth and resilience.

Also Read: NCBA Launches New App for Tanzanian Market

“Our digital business made a significant contribution, and our regional banking subsidiaries delivered a stable performance,” said Gachora.

NCBA’s online lending platforms, such as Mshwari, boosted digital loans that increased 3.9% to Ksh.232 billion.

The group’s total assets grew by 10.5% to Ksh.694.8 billion up from Ksh.628.8 billion driven by a corresponding 9.7 percentage growth in customer deposits.

The deposits surged to Ksh.548 billion up from Ksh.499.7 billion resulting in excess cash being deployed in low-yielding government securities at 1.7%

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Collins Ogutu

Nairobi based Digital Journalist, Corporate Communication Expert and Digital Marketer with a wealth of experience in multimedia. Accredited member of the Media Council of Kenya.

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