NCBA Group has reported a five-percent increase in profit after tax for the first half of 2024, reaching Ksh.9.8 billion ($76 million) from Ksh.9.3 billion profit recorded in the same period in 2023.
John Gachora, the group managing director of NCBA attributed the profit surge to the group’s diversified business model.
“We are pleased to announce another set of strong financial results for the first half of 2024,” he said. Gachora attributed the success to NCBA’s diversified business model, which has helped the lender navigate a difficult operating environment.
Also Read: NCBA Group After Tax Profit Up 4.4% in Q1 2024
Despite facing several economic headwinds, NCBA’s strategic focus on diversification and strong income growth has allowed the group to post solid results.
In light of the positive performance, NCBA’s board has proposed an interim dividend of Ksh.2.25 per ordinary share.
NCBA’s ability to increase its profits while proposing a healthy dividend shows a strong balance sheet and effective cost management.
