NCBA Group has posted a gross profit of Ksh. 11.1 billion  in its quarter three results ending September 30th, 2021. This is a 192% increase compared to Ksh. 3.8 billion reported during a similar period last year.

The Group also registered a nine month net profit of Ksh. 6.5 billion representing 159% growth up from Ksh. 2.5 billion registered in a similar period last year. The growth in profitability was attributed to an increase in operating income to Ksh. 36 billion, a Ksh. 3.2 billion increase driven by higher customer activity and a decline in loan impairment charges of Ksh. 4.2 billion year over year.

The bank’s asset base rose to Ksh. 563 billion, an 8% growth compared to last year. Customer deposits closed at Ksh. 447 billion, 11% up year on year, while operating income of Ksh. 36 billion, 10% up year on year.

Operating profit before loan loss provisions of Ksh. 20 billion, 17% up year on year, loan impairment charges for the period at Ksh. 9.2 billion, 31% down year on year. Non-performing loans coverage ratio increased to 70%, from 58% in the same period last year.

Commenting on the results, NCBA Group Managing Director John Gachora stated, “Our operating results since the beginning of the year demonstrate that the actions we have taken to strengthen and enhance the Group’s performance are well on track. We continue to exercise a conservative approach towards credit risk management.”

The group also opened new branches in Nairobi, Mombasa, Nyeri, Karatina, Embu, Ruiru, Kakamega, Bungoma, and Kericho in the period under review. The group also signed several partnerships aimed at solidifying its strength in asset finance, growing its property finance business, facilitating customer deposits and providing support to SMEs. These include partnerships with Isuzu, DT Dobie, Toyota, Tata, Simba Corp, CMC Motors, Visa, Strathmore, Shelter Afrique, Buy Rent Kenya etc.