NCBA Group PLC has recorded a profit after tax of kes 3.41 billion for the quarter ending March 31, 2022, an increase of 20.3 per cent compared to the kes 2.84 billion posted during a similar period in 2021.
Commenting on the results, John Gachora, Group Managing Director, NCBA Group said the results reflect strong underlying performance across all areas of the business and an improving economy.
“Our financial results this quarter, are a strong reflection that the post-merger foundation that we have built is very solid and is unlocking growth opportunities while delivering operational efficiencies,” John Gachora, Group Managing Director, NCBA Group.
Total assets in the lender increased to kes 587 billion during the period representing strong growth of 8 per cent year on year. Consequently, there was an increase in customer deposits by 7 per cent year on year, which was attributed to strong business development efforts.
The Group gross loans stood at kes 285.2 billion, representing 2 per cent year-on-year growth in all banking subsidiaries.
Digital loan disbursements, however, increased significantly by 26 per cent to kes 163.4 billion from kes 129.9 billion during the same period a year ago, which is in line with NCBA Group’s digitization agenda and its commitment to supporting small businesses and individual customers during this period.
NCBA Group’s non-performing loan ratio stands at 15.8percent, largely in line with industry-wide levels.
In Q1 2022, NCBA Group further improved the NPL coverage ratio to 72.6per cent from 65.0 per cent in the same period last year.
