NCBA Group recorded a 55.7% increase in after-tax profits, reaching KES 21.4 billion for the full financial year 2023.
- Customer loans and advances grew by 20.8% to KES 337.0 billion.
- Customer deposits expanded by 15.3% to KES 579.4 billion.
- Net interest income saw a growth of 12.8% to reach KES 34.6 billion.
This growth was attributed to a combination of factors, including a 12.8% rise in net interest income and a substantial 30% decline in loan loss provision expense.
The Tier 1 lender’s operating expenses, excluding loan loss provisions, rose by 17% to KES 29.1 billion. Non-funded income saw a slight decline of 3.9% to KES 29.1 billion while investment securities increased by 5.1% to KES 241.4 billion
While there was a decrease in net income from forex dealings, fees and commissions income and other operating income contributed positively to total operating income, which edged up by 4.5%.
Earnings Per Share for the period stood at KES 13.02, a significant increase from KES 8.36 in the previous fiscal year. The Board of NCBA Group has recommended a final dividend of KES 3.00 per share, bringing the total dividend for the year to KES 4.75 per share, compared to KES 4.25 in FY2022.
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