NCBA Group has posted a Ksh21.5 billion profit after tax (PAT) for the full-year period ended December 2023.
This is a 56 per cent jump compared to the Ksh13.8 billion it posted in a similar period a year earlier.
NCBA group has attributed the jump in profit to a rise in operating income by 4.5 per cent to Ksh63.7 billion.
Customer deposits for the review period grew 15.2 per cent to Ksh579.4 billion from Ksh502.7 billion for the full-year period to December 2022.
“Our regional subsidiaries (Tanzania, Rwanda and Uganda) collectively delivered a profit before tax of Ksh3.0 billion, a notable improvement from the loss of Ksh308 million posted in Full Year 2022,” said NCBA Group Managing Director (MD) John Gachora.
“The Business has sustained growth momentum in line with our five-year strategic plan, which has positively enhanced shareholder value while supporting customers amidst a challenging macro-economic environment,” he added.
Group’s total assets stood at Ksh734.6 billion, registering an 18.5 per cent growth from Ksh619.7 in a similar period the previous year.
NCBA’s loans and advances grew to Ksh337 billion while interest income on loans and advances rose to Ksh36.4 billion during the review period.
Total interest income for the trading period to December 2023 grew 24.5 per cent to Ksh65.2 billion from Ksh52.4 billion in a similar period in 2022.
Rwanda emerged as the fastest-growing subsidiary during the trading period under review recording a 56 per cent growth in total assets.
“Our focus on enhancing the contribution of our subsidiaries has shown success, with our subsidiaries contributing 15%, up from 2% in 2022,” said David Abwoga, NCBA Group Director Finance.
The Board of NCBA Group has recommended a dividend of Ksh4.75 per share which will be payable to the shareholders registered on the lender’s register at the close of business on 30th April 2024 and will be paid on or immediately after 29th May 2024.
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