NCBA Group has recorded a Kes 9.3 billion net profit, representing a 20.3 per cent increase in the half-year ending June compared to Kes 7.3 billion recorded in a similar period in 2022.
The lender has attributed the growth to an improving operating income and a 21 per cent slump in loan impairment charges.
NCBA Group Managing Director John Gachora noted that a seven per cent increase in operating income to Kes 31 billion helped lift profit to new heights this year.
“These strong operating results are attributable to consistent focus on our strategic priorities,” he said.
Customer deposits increased by 10% to Kes 517 billion, while assets increased by 9% yearly to Kes 660 billion.
In addition, it disbursed a total of Kes 457 billion in digital loans, a 35 per cent increase from the previous year.
In collaboration with Safaricom, NCBA manages the Mshwari platform, which enables borrowers to access finance digitally using their phones.
Subsidiaries in Tanzania, Rwanda, and Uganda contributed Kes 1.4 billion in earnings, which helped to improve its performance.
Gachora noted that in Kenya, there is continued growth in the core business.
