This archive report was first published on 20 May 2020.
On May 20, 2020, NCBA Group announced its financial results for the first quarter of 2020, revealing a net profit of Sh1.6 billion.
The bank's growth can be attributed to its expanding customer base, which stood at over 54 million in four East African countries as of May 2020.
NCBA's total operating income during the quarter was Sh10.9 billion, while deposits reached Sh390.5 billion.
The bank's net loan book closed at Sh245.9 billion.
NCBA Managing Director John Gachora noted that customer revenue grew during the quarter, while operating costs remained stable compared to the last quarter of 2019.
However, Gachora also highlighted the impact of the COVID-19 pandemic on the bank's performance, citing a reduction in transaction volumes and credit demand.
‘The year started strong with promising growth driven by optimism in the East African economies, however, the COVID-19 pandemic impacted business performance towards the end of the quarter where we saw reduction in transaction volumes and credit demand,” Gachora said.
NCBA has taken steps to mitigate the effects of the pandemic, restructuring loans worth over Sh30 billion to cushion its customers.
