NCBA Group PLC recorded a profit after tax of KSh5.3 billion in its first quarter of 2024 financial results, representing a 5 per cent increase compared to Ksh5.1 billion reported during a similar period last year.
It posted an operating income of KSh16 billion and a decline in loan impairment charges of 30.9 per cent year on year.
The regional subsidiaries in Tanzania, Uganda and Rwanda gathered a combined KSh705 million profit, representing 11 per cent.
Non-banking subsidiaries such as Bancassurance, Investment Bank and Leasing, all reported positive operating profit and contributed 4.9 per cent of group profitability.
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John Gachora, Group Managing Director of NCBA said, “We are pleased to report strong financial results for the first quarter of 2024, and despite a challenging operating environment, our diversified business model continued to demonstrate growth and resilience with strong contributions from our digital business and stable performance from our regional banking subsidiaries.”
“We have maintained asset finance market share leadership at 35 per cent and our growing deposit base indicates the ability to attract and serve more corporate and retail customers. Our regional branch expansion, now reaching a footprint of 114, will ensure we offer superior experience and convenience through a bigger network.”
By our reporter
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