NCBA Bank has recorded an increase in their profits by 96 % to Kes 12.8 billion in its third quarter compared to Kes 6.5 billion in the same period the previous year.
The financial institution has attributed the growth to an increase in operating income by Kes 9.5 billion, driven by higher customer activity and a decline in loan impairment charges by Kes 0.9 billion.
Additionally, gross earnings for the period grew 65 per cent to Kes 18.2 billion compared to Kes 11.1 billion reported during a similar period last year.
NCBA Group managing director John Gachora said they are delighted to announce the positive operating results for the nine months.
He said the results demonstrate the strength of the diversified business model and the progress of the Bank's strategic journey.
"In particular, as a result of the Ukraine-Russia conflict, the inflation rate accelerated to an average 8.67 percent in Q3 from 7.16 percent in Q2 putting significant pressure on households and businesses of all sizes," he noted.
In addition, the Bank closed the period with a rise in asset base by six per cent to Kes 595 billion, year on year.
Additionally, the lender disbursed Kes 521 billion in digital loans, a 23 per cent increase yearly in line with its digitization agenda and support small businesses and individual customers.
