NAIROBI, Kenya, Aug 22 – NCBA Group net profit in the six months to June this year jumped by 5 percent to Sh9.8 billion, up from Sh9.4 billion recorded during the same period last year.
Enhancement of customer experience and operational efficiency helped grow revenue.
“We are pleased to announce another set of strong financial results for the first half of 2024,” the Group’s Managing Director (MD) John Gachora said.
“Our diversified business model has shown resilience against a tight interest rate environment and elevated cost of funds,” he said.
In the review period, the group’s banking division recorded a flat year-on-year profit before tax of Sh11.7 billion.
Non-banking subsidiaries, including investment banking, bancassurance, and leasing, contributed an additional Sh600 million, reflecting a 56 percent increase in profitability and highlighting its diverse revenue streams.
Likewise, the lender made strides in financial inclusion, disbursing Sh478 billion in digital loans and enhancing digital platform services.
On the flip side, its operating expenses surged by 15.5 percent to Sh16.5 billion.
