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By Phyllis Muchoki
NCBA Group PLC has posted a full year net profit of Sh 10.22 billion up from Sh 4.57 billion reported in 2020, a 124 percent growth.
It attributed the jump in net income to an increase in operating income of Sh 2.7 billion and a significant decline in loan impairment charges of Sh 7.7 billion.
“We now have a strong balance sheet with total assets up Sh 63.1 billion to close at Sh591.1 billion and customer deposits up by Sh 48.4 billion to close at Sh 469.9 billion. We remain well capitalized with core capital at Sh 70.9 billion and have a robust liquidity of 61.7 percent. This foundation has allowed us to continue serving our customers effectively through-out the pandemic,” said John Gachora, Group Managing Director, NCBA Group.
Adding that the bank will embark on branch expansion and digitization strategies to grow its presence.
The lender’s asset base rose to Sh 591.1 billion up from 12 percent in the same period last year while customer deposits closed at Sh469.9 billion, 11 percent up year on year.
However, the firm’s operating profit before loan loss provisions stood at of Sh 28.4 billion, 6 percent up year on year.
The Group recommended a dividend pay of Sh 2.25 per share which together with the interim dividend paid of KES 0.75 per share brings the total dividend for the year 2021 to KES 3 per share. The dividend will be payable to the shareholders on April 13.