Published on November 27, 2024 by Agencies for Kenya Online News
Last Updated on 2 years by Agencies for Kenya Online News
NCBA Group PLC has posted a profit after tax of KES 15.1 billion in its Q3 2024 financial results which is a 3.0 per cent increase compared to KES 14.6 billion reported during a similar period in 2023.
Key Highlights
Total Assets closed at KES 679 billion, remaining flat year on year.
Digital Loans disbursed were KES 751 billion, 8 per cent increase year on year.
Operating income of KES 46.9 billion,0.6 per cent up year on year.
Operating expenses of KES 28.6 billion,1.6 per cent up year on year.
Provision for credit losses was KES 4.1 billion, 32.8 per cent down year on year.
Profit before tax of KES 18.4 billion, 1.0 per cent down year on year.
Profit after tax of KES 15.1 billion, 3.0 per cent up year on year.
Commenting on the results, NCBA Group Managing Director, John Gachora remarked, “We are pleased to announce continued strong performance in the third quarter of 2024. The underlying trends of our P&L remained solid against an exceedingly volatile operating environment which has impacted our cost of funding and put pressure on our Net Interest Income. However our fee based revenue continues to grow reflecting the growing diversity of our earnings mix. Our strong credit management enabled stability in lending outcomes, bucking industry trends with lower impairment charges (down 33 percent) and improved asset quality.”
The Kenya Bank business remained a key driver contributing 83 per cent of the Group’s KES 18.4 billion PBT. The Group`s focus on enhancing subsidiary contribution saw regional businesses in Uganda, Tanzania and Rwanda deliver a combined KES 2.4 billion profit representing 13 per cent of the Group PBT while all non-banking subsidiaries including the Investment Bank, Bancassurance, Leasing and NCBA Insurance (formerly AIG Kenya) closed with positive profitability contributing 4 per cent of the Group PBT.
Affordable solutions such as the monthly maintainance fees waiver complimented by financial literacy engagements have helped cushion customers against economic shocks. Through organized mobile lending solutions in partnership with Telcos, the Group`s investment in digital financial inclusion services has enabled disbursement of KES 751 billion to its more than 60 million customers across Sub-Saharan Africa.
