{"id":107448,"date":"2023-11-23T17:17:33","date_gmt":"2023-11-23T17:17:33","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion"},"modified":"2023-11-23T17:59:13","modified_gmt":"2023-11-23T17:59:13","slug":"ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion","title":{"rendered":"NCBA Q3 net profit grows by 14.4% to Sh14.6 billion"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>NCBA Group has posted a profit after tax of Sh14.6 billion for the nine months to September, amid a strong performance from regional subsidiaries.<\/p>\n

This is a 14.4 per cent increase compared to Sh12.8 billion reported during a similar period last year.<\/p>\n

Customer deposits closed at Sh548 billion, 19 per cent up year-on-year.<\/p>\n

The Group disbursed Sh695 billion in digital loans, 33 per cent increase year-on-year, even as it cut loan loss provision by 27 per cent, to Sh6.1 billion.<\/p>\n

The Group’s assets grew to Sh679 billion, 14 per cent up year-on-year as the tier 1 lender maintained a strong position.<\/p>\n

The growth trajectory for the Group remained solid compared to 2022, driven by positive operating income and a decline in loan impairment charges by the 27 per cent.<\/p>\n

Operating income grew two per cent to close at Sh46.7 billion.<\/p>\n

The Group\u2019s operating expenses closed at 19 per cent up on the back of inflationary pressures and continued investment in the current five-year strategy.<\/p>\n

\u201cThese robust financial results are attributable to laser focus on our key strategic priorities to support our customers and grow shareholder returns,\u201d NCBA Group managing director John Gachora said while releasing the results.<\/p>\n

The Group’s Q3 performance continued to be buoyed by significant contributions of the regional subsidiaries (Tanzania, Rwanda and Uganda), he said, which collectively delivered a profit before tax of Sh2.3 billion.<\/p>\n

This was a notable improvement from the loss of Sh312 million posted in Q3 2022.<\/p>\n

” These regional outcomes were a result of the Group\u2019s turnaround strategy in Tanzania and accelerated growth in Uganda and Rwanda,\u201d said Gachora.<\/p>\n

In line with the commitment of being accessible to customers, NCBA`s branch expansion activities resulted to additional locations in Muranga, Kenol, Chwele, Migori, Kahawa Sukari, Eastleigh, Wote and Ruaka, bringing the Group’s branch network to 107.<\/p>\n

NCBA remained a market leader in asset finance with a 34 per cent market share, driven by improved focus on corporate customers, innovative solutions and stronger dealer partnerships.<\/p>\n

As the quarter closed, NCBA announced its intention to acquire 100 per cent of AIG Kenya Insurance Company Limited.<\/p>\n

The announcement came after authorisation from the Group\u2019s Board of Directors commencing discussions with AIG Group, to acquire its entire shareholding in AIG Kenya Insurance Company Limited (subject to regulatory approvals).<\/p>\n

Speaking on the rationale for the transaction, Gachora noted that insurance is increasingly becoming a basic financial need for the type of customer that NCBA serves.<\/p>\n

“We believe that by bringing together NCBA\u2019s physical and digital distribution platforms and AIG Kenya\u2019s insurance capabilities, we will accelerate towards our ambition to become a universal bank that addresses a full set of our customers\u2019 financial needs,” he said.<\/p>\n

On future prospects, Gachora said: \u201cOverall, we remain optimistic on full year performance prospects. The risks to this outlook off course are many but largely stem from an even more uncertain external environment notably, the expectation that interest rates will remain higher for longer, in order to bring down inflation to within target.”<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. NCBA Group has posted a profit after tax of Sh14.6 billion for the nine months to September, amid a strong performance from regional subsidiaries. This is a 14.4 per cent increase compared to Sh12.8 billion reported during a similar period last year. Customer deposits closed at Sh548 billion, 19 per cent up […]<\/p>\n","protected":false},"author":84,"featured_media":107447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-107448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nNCBA Q3 net profit grows by 14.4% to Sh14.6 billion - kenya<\/title>\n<meta name=\"description\" content=\"NCBA Group has posted a profit after tax of Sh14.6 billion for the nine months to September, amid a strong performance f ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCBA Q3 net profit grows by 14.4% to Sh14.6 billion\" \/>\n<meta property=\"og:description\" content=\"NCBA Group has posted a profit after tax of Sh14.6 billion for the nine months to September, amid a strong performance f ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-23T17:17:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-23T17:59:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1700749600.955335.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"505\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NCBA Q3 net profit grows by 14.4% to Sh14.6 billion\",\"datePublished\":\"2023-11-23T17:17:33+00:00\",\"dateModified\":\"2023-11-23T17:59:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion\"},\"wordCount\":515,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1700749600.955335.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-q3-net-profit-grows-by-14-4-to-sh14-6-billion\",\"name\":\"NCBA Q3 net profit grows by 14.4% to Sh14.6 billion - 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