NAIROBI, Kenya, May 22 – NCBA Group profit after tax grew to Sh5.3 billion in the three months to March this year compared to a similar period last year, boosted by improved operating income, among other revenue streams.
In its latest financial statement, the lender’s net profit grew from Sh5.1 billion that was earned during a similar period in 2023.
Whereas the operating income grew by 2.8 percent to Sh16 billion, the credit loss provision declined to Sh1.4 billion, representing a nearly 40 percent drop.
“Despite a challenging operating environment, our diversified business model continued to demonstrate growth and resilience with strong contribution from our digital business and stable performance from our regional banking subsidiaries,” said John Gachora, Group Managing Director of NCBA.
Customer deposits also went up by 9.7 percent to Sh548 billion, with total assets growing to Sh695 billion, which is a 10.5 percent jump.
NCBA’s online lending platforms, such as Mshwari, boosted digital loans that grew by 3.9 percent to Sh232 billion.
“Access to credit through digital platforms including LOOP, Mshwari and Fuliza partner platforms with KCB and Safaricom empowered customers to meet their daily financial needs and cushion them against economic headwinds.”
