This archive report was first published on 31 August 2021.
NCBA Posts Strong Half-Year Results ¶
NCBA Group PLC has reported a significant increase in its half-year profits, with a profit before tax of KES 7.4 billion, a 90% increase compared to KES 3.9 billion reported during a similar period last year.
The Group's profit after tax stood at KES 4.7 billion, representing a 77% growth from KES 2.6 billion in half year 2020. This growth was attributed to an increase in operating income by KES 2.8 billion, driven by higher customer activity and a decline in loan impairment charges by KES 1.7 billion.
NCBA Group Managing Director, John Gachora, attributed the strong financial results to a steadily improving economic environment and the Group's focus on strategic initiatives anchored on customer experience.
"Our operating results in the first half of the year demonstrate that the actions we have taken to strengthen and enhance the Group's performance are bearing fruit," said Mr. Gachora. "We have made a concerted effort to reduce the risk in our credit portfolio while balancing the need to support our customers during this COVID-19 period."
Mr. Gachora also highlighted the Group's efforts to digitally transform its operations and customer experiences, including the launch of its NCBA Golf series and partnerships with various organizations to support the SME sector and offer safe deposit facilities to customers.
NCBA has also embarked on a bold branch expansion strategy, opening branches in Nairobi JKIA, Mombasa Mwembe Tayari, Karatina, Nyeri, Kakamega, and Ruiru, with plans to open nine more branches by the end of the year.
