NCBA Group recorded a net profit growth of 5.3 billion in the three months to March 2024, compared to Kes 5.1 billion recorded in a similar period in 2024.
The lender attributed the growth to improved operating income, among other revenue streams.
Operating income grew by 2.8 percent to Kes 16 billion, while the credit loss provision declined to Ks 1.4 billion, representing a nearly 40 percent drop.
“Despite a challenging operating environment, our diversified business model continued to demonstrate growth and resilience with strong contribution from our digital business and stable performance from our regional banking subsidiaries,” said John Gachora, Group Managing Director of NCBA.
Additionally, customer deposits increased by 9.7 percent to Kes 548 billion, and total assets grew to Kes 695 billion, a 10.5 percent increase.
Did you read this?
NCBA’s online lending platforms, such as Mshwari, played a pivotal role in boosting digital loans, which grew by 3.9 percent to Sh232 billion.
“Access to credit through digital platforms including LOOP, Mshwari and Fuliza partner platforms with KCB and Safaricom empowered customers to meet their daily financial needs and cushion them against economic headwinds,” Gachora added.
This positive trend signals a promising future for our digital lending initiatives.
