NCBA Profit Soars 56% to KES 21.5 Billion

The NCBA Group saw solid growth last year, thanks to good income and a significant drop in loan losses. Despite higher costs due to inflation and strategic investments, the group maintained its strong performance. John Gachora, the managing director, highlighted the group’s consistent growth and support for customers and shareholders, even in tough economic times. He also noted a significant profit increase in the group’s regional branches in Tanzania, Rwanda, and Uganda, crediting a strategic overhaul for the turnaround.

The group focused on enhancing customer experience, demonstrated by training over 3000 employees in service excellence and winning three customer service awards. It expanded its presence with eight new branches, increasing its total to 109. NCBA also strengthened its market position in asset finance, thanks to strategic partnerships and new product launches.

John Gachora, [2nd Right] Group Managing Director, NCBA with [L to R] Louisa Wandabwa, Director of Strategy and Chief of Staff, NCBA, David Abwoga, Group Director Finance, NCBA and Raphael Ag’ung, Chief Economist and Head of Global Markets, NCBA during the NCBA full year 2023 financials at Radisson Hotel, Nairobi.

Digital lending saw a remarkable increase, serving over 60 million customers across Africa. The group’s sustainability efforts were notable, with significant impacts in education, environmental conservation, sports, and green financing, in partnership with Proparco.

NCBA announced plans to acquire AIG Kenya Insurance, aiming to expand its banking and insurance services. Looking forward, the group intends to focus on customer experience and leverage its diversified business model to navigate economic uncertainties and continue delivering shareholder value. The board proposed a final dividend of KES 3.00 per share, totalling KES 4.75 for the year.

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