The NCBA Group has reported a Ksh. 1.6 Billion net profit for the period ended 31 March 2020. This represents a 20% rise in profitability from Ksh. 1.29 Billion for a similar period last year.
The Group’s total operating income during the quarter was Ksh. 10.9 Billion. They ended the quarter with a total assets base at Ksh. 509.6 billion, compared to Ksh. 494.8 billion in December last year. The customer base stood at 54 million, with deposits surging to Sh390.5 billion. The Group’s net loan book closed the quarter at Sh245.9 billion. There was however an increase in levels of non-performing loans especially in the transport and manufacturing sectors and on the mobile loan portfolio.
The two banks that is CBA and NIC merged on 1st October 2019, as such the Group’s results were prepared on a prospective basis, representing three months’ performance of NCBA Bank. Prior year comparatives are those of CBA Bank. The consolidated financial statements are also a continuation of the financial statements of CBA with an adjustment to capital to reflect the legal capital of NIC.
The board announced a dividend payout of Sh1.75 per ordinary share and a bonus share issue of one share for every 10 shares held.