NCBA Group Plc has announced its financial results for the first quarter of 2023 reporting an impressive profit after tax (PAT), which reached KES 5.1 billion, representing a remarkable 50% increase compared to the same period in 2022. This growth was largely attributed to a substantial 68.8% uptick in the bank’s forex income.
The bank’s earnings per share (EPS) saw a positive trajectory, increasing from KES 2.07 to KES 3.08 over the same period in 2022.
NCBA Group‘s total assets saw a 7% increase from KES 587.4 billion to KES 628.8 billion primarily supported by a 17.8% growth in loans and advances, which amounted to KES 287.2 billion, from KES 243.9 billion in Q1 2022.
The bank’s holdings of government securities rose by 6.4% to KES 207.2 billion.
Customer deposits by 7.3% to KES 499.7 billion fueled by the bank’s branch expansion strategy, which helped attract a greater volume of deposits. Total interest income increased 20.5% to KES 14.7 billion.
NCBA Group’s non-funded income (NFI) showed a notable growth of 18% to KES 7.2 billion, largely driven by a significant 68.8% increase in foreign exchange trading income, which reached KES 2.7 billion.