NCBA Group PLC has announced that it has posted a profit after tax of Ksh. 21.5 billion for the year ended December 31 2023. This is a 56% increases as compared to the Ksh. 13.8 billion it reported during a similar period in 2022.

Operating income increased to Ksh. 63 billion from Ksh. 60 billion while operating expenses increased to Ksh. 29 billion from Ksh. 24 billion as compared to the same period last year.

Total assets grew by 19% to Ksh. 734 billion from Ksh. 619 billion in 2022. Customers deposits also grew by 15% to Ksh. 579 billion from Ksh. 502 billion reported in 2022.

While releasing the Full Year 2023 financial results, NCBA Group Managing Director, John Gachora commented, “The Business has sustained growth momentum in line with our five-year strategic plan, which has positively enhanced shareholder value while supporting customers amidst a challenging macro-economic environment.”

“Our regional subsidiaries (Tanzania, Rwanda and Uganda) collectively delivered a profit before tax of Ksh. 3.0 billion, a notable improvement from the loss of Ksh. 308 million posted in Full Year 2022” said Gachora. These outstanding results were driven by the Group’s turnaround strategy in Tanzania through recalibration of the business model and a rightsizing of the operating models in Uganda and Rwanda to accelerate growth.”

The company launched and trained its over 3000 employees on the NCBA Way service behaviors. The relaunch of NCBA`s Service Charter reiterated the commitment to deliver on customer promise. The Group received 3 awards during the Institute of Customer Experience (ICX) Kenya Service Excellence Awards that recognize and celebrate the success of corporates that provide exemplary customer service.

NCBA opened 8 branches in 2023, bringing the branch network to 109.

Customer loans grew to Ksh. 33 billion from Ksh. 10 billion. The company’s Asset Finance market share reached 34% while retail asset finance disbursements increased by 18% enabled by strategic partnerships. The partnerships were scaled through product launch of the logbook loans, the KMI Motor Show and Johari Awards which affirmed NCBA as a supporter of the automotive industry.

Through Change the Story platform and together with multiple strategic partners, NCBA made progress on its 15 Sustainability Commitments. More than 3,000 students and teachers were impacted through education programs, over 344,000 trees were planted, 7,000 golfers participated in driving inclusive regional sports and Electric Vehicle charging stations were installed.

On the commitment to mobilize Ksh. 30 billion of Green & Sustainable Financing, NCBA joined forces with Proparco, a subsidiary of the AFD Group, to unlock a USD 50 million facility. The funding is targeted towards fostering sustainable economic development and to promote diversity, equity, and inclusion.

NCBA announced its intention to acquire 100% of AIG Kenya Insurance Company Limited subject to regulatory approvals. The transaction will unlock the Group`s ambition to become a universal bank and catalyze deeper market penetration of insurance in Kenya and the region.

“Looking ahead to 2024, we will continue to execute within the Group`s strategic framework cycle which is now in its final year. The prevailing economic uncertainties will require increased investment in enhancing our customer experience and the collective strengths of our diversified business model to sustain shareholder returns.” said Mr. Gachora.

NCBA Board of Directors have recommended a final dividend declaration of Ksh. 3 per share bringing the total dividend for the year to Ksh. 4.75 per share.