This archive report was first published on 16 July 2020.
On July 16, 2020, NCBA Group announced the permanent closure of 14 branches, eight of which were formerly owned by NIC and six by CBA, as part of its restructuring efforts.
The bank cited the need to cut costs in the face of ongoing COVID-19 restrictions, which have significantly impacted business activities.
The affected branches are located in Nairobi, Nanyuki, Machakos, Mombasa, Diani, Eldoret, and Meru.
Despite the closures, NCBA's net earnings for the three months to March 2020 increased to KSh1.6 billion, up from KSh1.3 billion in the same period in 2019.
However, the bank's provisions for loan loss skyrocketed to KSh3.8 billion at the end of March 2020, from KSh584.9 million in the previous year, due to the COVID-19 pandemic's disruptive effects on businesses and households.
