This archive report was first published on 25 March 2020.
Published on March 25, 2020, NCBA Bank has recorded a significant increase in net profit, rising from KSh 5 billion to KSh 7.8 billion at the close of the financial year ended December 31, 2019.
The lender's profitability was impacted by a one-off cost of KSh 4.1 billion resulting from the transfer of net assets of NIC Bank to CBA Bank, creating NCBA Group.
NCBA Group has completed the integration of all its subsidiaries in Kenya, with the process still ongoing in Uganda, Tanzania, and Rwanda where it has a presence.
The merger has resulted in a substantial increase in the lender's balance sheet size, doubling from KSh 245.1 billion to KSh 494.8 billion as NIC and CBA Bank consolidated their assets.
NCBA Group's loan book size increased from KSh 121.5 billion to KSh 249.4 billion, while customer deposits trebled to hit KSh 378.2 billion.
Directors have proposed a dividend payment of KSh 150 per share, payable at the close of business on April 23, 2020.
