NCBA Group PLC has announced a Profit After Tax of KES 15.1 billion in its Q3 2024 financial results, reflecting a 3.0% increase compared to KES 14.6 billion in the same period in 2023.
Key Financial Highlights:
- Total Assets: KES 679 billion, flat year-on-year.
- Digital Loans Disbursed: KES 751 billion, an 8% increase year-on-year.
- Operating Income: KES 46.9 billion, up 0.6% year-on-year.
- Operating Expenses: KES 28.6 billion, up 1.6% year-on-year.
- Provision for Credit Losses: KES 4.1 billion, down 32.8% year-on-year.
- Profit Before Tax: KES 18.4 billion, a 1.0% decrease year-on-year.
- Profit After Tax: KES 15.1 billion, a 3.0% increase year-on-year.
“We are pleased with our strong performance in Q3 2024 amidst a volatile operating environment. Despite cost of funding pressures, our fee-based revenue continues to grow, demonstrating the diversity of our earnings. Our robust credit management has resulted in lower impairment charges and improved asset quality, outpacing industry trends.” Stated John Gachora, NCBA Group Managing Director.
Regional and Subsidiary Contributions:
- Kenya remains the largest contributor, accounting for 83% of the Group’s KES 18.4 billion PBT.
- Regional businesses in Uganda, Tanzania, and Rwanda contributed a combined KES 2.4 billion, representing 13% of PBT.
- Non-banking subsidiaries, including Investment Banking, Bancassurance, Leasing, and NCBA Insurance, contributed 4% of PBT, with all achieving positive profitability.
Digital and Financial Inclusion
NCBA Group PLC investment in digital financial services enabled the disbursement of KES 751 billion in mobile loans to over 60 million customers across Sub-Saharan Africa. Initiatives such as maintenance fee waivers and financial literacy programs continue to support customers against economic shocks.
Business Milestones and Recognition:
- Awards: Recognized regionally and globally for excellence, including accolades for Customer Experience, SME Financing, and Sustainable Finance.
- Branch Expansion: Now at 116 branches, with new locations in Kenya and Rwanda.
- Sustainability: Progress on the “Change the Story” commitments, including tree planting, community empowerment, and regional sports development initiatives.
Looking Ahead
At the NCBA Economic Forum in Nairobi, Mr. Gachora highlighted improving global and local economic conditions. He emphasized NCBA’s readiness for sustainable growth, driven by stabilizing inflation, favorable exchange rates, and improving Central Bank policies.
