NCBA Group has posted Ksh22B in profits after tax for the financial year ended December 31st, 2024.
The lender in a statement says the earning were largely attributed to digital loans disbursement that has crossed the Ksh1 Trillion mark.
The earnings translate to a 2 per cent growth compared to the same period in 2023.
NCBA Group’s operating income however dropped by 1.5 per cent to Ksh62.7B in the period under review. Operating expenses however went up by 10.6 per cent year on year, while it cut its loan losses by 40 per cent to Ksh5.5B during the year.
“The underlying trends of our P&L remained solid, while our cost increase of 10 per cent was driven by targeted investments in digital transformation, network expansion and operational efficiency…” says John Gachora NCBA Group MD
In what signals tough economic times experienced by consumers in 2024, NCBA Group registered a 13.4 per cent in deposits to Ksh502B.
Listed at the Nairobi Securities Exchange, NCBA Group subsidiaries in Uganda, Tanzania and Rwanda delivered a combined Ksh3.2B in profitability, a 7 per cent growth year on year.