NCBA Group has reported a robust start to the year with a profit after tax of Sh5.3 billion in the first quarter of 2024, marking a significant increase from Sh5.1 billion in the same period last year. The growth was driven by improved operating income and a nearly 40 percent drop in credit loss provisions.
Operating income rose by 2.8 percent to Sh16 billion, demonstrating the bank’s resilience in a challenging environment. NCBA’s diversified business model, including strong contributions from digital platforms like Mshwari and LOOP, supported this growth.
Digital lending platforms played a crucial role, with digital loans increasing by 3.9 percent to Sh232 billion. These platforms, including partnerships with KCB and Safaricom’s Fuliza, provided essential financial support to customers, helping them navigate economic uncertainties.
Customer deposits grew by 9.7 percent to Sh548 billion, reflecting growing customer confidence. Total assets also increased to Sh695 billion, up by 10.5 percent, underscoring NCBA’s solid financial health and growth trajectory.
John Gachora, Group Managing Director of NCBA, highlighted the bank’s resilience and growth across its regional banking subsidiaries. He emphasized the importance of NCBA’s digital business in driving stable performance amidst a dynamic economic landscape.
NCBA remains committed to enhancing financial inclusion and digital transformation, leveraging innovative solutions to meet the evolving needs of customers across East Africa.
