NCBA Group PLC has posted a profit after tax of KES 5.3 billion in its first quarter of 2024 financial results which is a 5 per cent increase compared to KES 5.1 billion reported during a similar period in 2023.
Highlights
- Customer deposits closed at KES 548 billion, 9.7 per cent up year on year.
- Total Assets grew to KES 695 billion, 10.5 per cent up year on year.
- Digital Loans disbursed KES 232 billion, 3.9 per cent increase year on year.
- Operating income of KES 16.0 billion, 2.8 per cent up year on year.
- Operating expenses of KES 8.1 billion,12.4 per cent up year on year
- Provision for credit losses was KES 1.4 billion, 30.9 per cent down year on year.
- Profit before tax of KES 6.5 billion, 2.2 per cent up year on year.
- Profit after tax of KES 5.3 billion, 4.7per cent up year on year.
NCBA has achieved continued growth and success driven by positive operating income of 16 billion and a decline in loan impairment charges by 30.9 per cent year on year. On the back of cost efficiency prioritization, operating expenses resulted in a 12 per cent year on year increase.
The regional subsidiaries in Uganda, Tanzania, and Rwanda delivered a combined KES 705 million, representing 11% of group profitability; while the non-banking subsidiaries including the Investment Bank, Bancassurance and Leasing all reported positive operating profit and contributed 4.9% of the Group profitability.
According to leading brand valuation consultancy Brand Finance, NCBA has been recognized as Kenya’s second fastest-growing brand, up 44% in 2024 to rank at position 6 of the Top 25 Most Value Brands.
