NCBA Group PLC has posted a net profit of Kshs 5.1billion representing 49% growth up from KshsES 3.4 billion reported in Q1 of 2022.
Growth in profitability was attributed to increase in operating income and a decline in loan impairment charges by 23%.
NCBA Group Managing Director, John Gachora says despite the tough macro-economic conditions, the Group’s prudent management of credit risk has resulted in an improved NPL ratio and a reduced cost of risk.
Gachora said: “These strong operating results are attributable to continued focus on our strategic priorities, growth in customer numbers and improvement in regional entities profitability.
“Our market leading forex capabilities have led to an increased customer base and transaction volumes.”
Summary key highlights
- Assets grew 7% to Kshs 629 billion
- Customer deposits edged up 7% Kshs 500 billion
- NCBA Group disbursed Kshs 223 billion in digital loans, a 37% increase
- Operating income rose 18% to Kshs 15.5 billion
- Operating profit before loan loss provisions was up 10% to Kshs 8.3 billion
- Provision for credit losses declined 23% to Kshs 2.0 billion
- Pretax profit rose 32% to Kshs 6.4 billion
- Net profit was up 49% to Kshs 5.1 billion