NCBA Group of Kenya Posts Marginally Increased Profit

(3 Minutes Read)

The Kenyan banking group reported a 0.6% increase in operating income to KES 46.9 billion while operating expenses rose 1.6% to KES 28.6 billion. Provision for credit losses fell 32.8% to KES 4.1 billion.

NCBA Group PLC of Kenya has posted a profit after tax of KES 15.1 billion in its Q3 2024 financial results, a 3.0% increase compared to KES 14.6 billion reported during the same period in 2023.

The Kenyan banking group reported a 0.6% increase in operating income to KES 46.9 billion while operating expenses rose 1.6% to KES 28.6 billion. Provision for credit losses fell 32.8% to KES 4.1 billion.

Digital loans disbursed reached KES 751 billion, an 8% jump year-on-year, as the group’s focus on enhancing digital financial inclusion services continued to pay off.

The Kenya banking business contributed 83% of the group’s KES 18.4 billion in profit before tax, while regional subsidiaries in Uganda, Tanzania, and Rwanda delivered a combined KES 2.4 billion, or 13% of the group’s PBT.

Read Also:

https://trendsnafrica.com/elon-musks-starlink-faces-predatory-pricing-claim-in-kenya/

NCBA also saw growth in its non-banking subsidiaries, including investment banking, bancassurance, leasing and insurance, which contributed 4% of group PBT.