NCBA Group PLC has announced a profit after tax of KES 15.1 billion for Q3 2024, marking a 3% increase compared to KES 14.6 billion in the same period last year. Despite a volatile operating environment, the Group demonstrated resilience and continued strong performance.
- Total Assets: Closed at KES 679 billion, flat year-on-year.
- Digital Loans: Disbursed KES 751 billion, an 8% increase year-on-year.
- Operating Income: KES 46.9 billion, up 0.6%.
- Operating Expenses: KES 28.6 billion, up 1.6%.
- Provision for Credit Losses: KES 4.1 billion, down 32.8%.
- Profit Before Tax: KES 18.4 billion, down 1%.
- Profit After Tax: KES 15.1 billion, up 3%.
NCBA Group Managing Director, John Gachora, highlighted the growth in fee-based revenue and improved credit management, which contributed to lower impairment charges and enhanced asset quality. He emphasized the importance of maintaining a diverse earnings mix in challenging economic conditions.
- Kenya Operations: Accounted for 83% of the Group’s profit before tax, contributing KES 18.4 billion.
- Regional Subsidiaries: Businesses in Uganda, Tanzania, and Rwanda delivered a combined KES 2.4 billion in profits, representing 13% of Group PBT.
- Non-Banking Subsidiaries: Including NCBA Investment Bank, Bancassurance, and NCBA Insurance, contributed 4% of Group PBT.
- NCBA has significantly strengthened its brand, earning accolades such as:
- Finalist in the Innovations Category at the Customer Experience Africa Awards.
- Best Overall CX Solution by VUKA Group.
- Best Banking Experience by KENCTAD.
- Recognition for Sustainable Finance by the Kenya Green Building Society.
The Group continues to invest in digital financial inclusion, with partnerships facilitating KES 751 billion in digital loan disbursements to over 60 million customers across Sub-Saharan Africa.
NCBA expanded its footprint, reaching 116 branches across the region, including new locations in Kenya (Homabay, Kapsabet, Githunguri, Kitui, Nyahururu, and Kerugoya) and Rwanda (Remera and Gisozi). The expansion supports improved access to superior financial services.
Under its “Change the Story” sustainability commitments, NCBA has:
- Planted over 220,000 trees.
- Trained nearly 1,000 farmers in environmental conservation.
- Created over 100 jobs and positively impacted 5,000 livelihoods.
- Empowered 6,000 women and youth through education scholarships, mentorship, and skills development.
- Fostered sports development through the NCBA Golf Series, impacting 7,000+ players.
During the recent NCBA Economic Forum, John Gachora noted improving macroeconomic conditions, including stability in inflation, exchange rates, and Central Bank rates. He underscored the need for collaboration between governments and markets to sustain growth and build resilience against future economic shocks.
“As NCBA, we are poised for sustainable growth on the back of improved macro conditions,” he concluded.
