Businesses & Financial News

NCBA Group records Sh 3.41Bn in Q1 net earnings

By Monica Muema

NCBA Group has recorded a net profit of Sh 3.41 Billion for the quarter ending March 31, 2022 – a 20 percent growth compared to Sh 2.84 billion it posted in a similar period last year.

The lender attributed the growth to improved business environment following lifting of movement restrictions last year and growing economic prospects since the year turned.

“Our financial results this quarter are a strong reflection that the post-merger foundation that we have built is very solid and is unlocking growth opportunities while delivering operational efficiencies,” said the Group’s Chief executive John Gachora.

The bank’s operating income however, increased by 11 percent to register Sh13.2 billion during the period under review while the Group’s total assets jumped to Sh587 billion, representing 8 percent growth for the lender year on year.

Equally, the bank announced a growth of 7 percent on its customer deposits fueled by strong business development efforts aimed at targeting small businesses and individual customers through its digitization efforts.

Such efforts saw the bank net Sh 163.4Billion in digital loan disbursements – a 26 percent jump from Sh129.9 billion it announced in the same period 2021.

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