This archive report was first published on 31 August 2021.
Published on August 31, 2021, NCBA has reported a significant increase in its half-year net profit, reaching KSh4.7 billion, a 77% jump from KSh2.6 billion in the same period in 2020.
The bank's total interest income, the primary source of revenue, grew by 9% to KSh22.5 billion at the end of the half-year period, up from KSh20.7 billion in the same period last year.
NCBA also saw a 6% increase in its total non-interest income, reaching KSh10.7 billion in the first six months of 2021, up from KSh10.08 billion in the first six months of 2020.
Notably, the bank managed to cut its total operating expenses in the half-year period by 4% to KSh16.3 billion, mainly by reducing its provisions for bad loans.
NCBA's customer deposits expanded by 12% to KSh437.3 billion at the end of the first half of this year, while its loans and advances to customers dipped by 3.5% to KSh239.6 billion at the end of June 2021.
The lender's total assets rose by 6% to KSh542.59 billion from KSh514.03 billion posted in the first half of last year.
However, the bank's gross non-performing loans increased to KSh45 billion at the end of the six months period, up from KSh38.7 billion a year ago.
