NCBA Group reported a strong financial performance for the year ended December 2023, with net profit surging by 55.7% to Sh21.4 billion.
The Group attributed the strong performance to revenue growth and a cost slowdown.
The Group’s net interest income grew 13% to Sh34.6 billion, offsetting a slight decline in non-funded income.
Its operating expenses remained flat at Sh38.2 billion due to a significant reduction in loan loss provisions.
The bank declared a final dividend of Sh3 per share, bringing the total payout to Sh4.75 per share (up from Sh4.25).
NCBA Group Managing Director John Gachora emphasized the strong return for shareholders and the positive momentum in all financial drivers.
“This is a very strong return to our shareholders. Our underlying performance shows momentum in all our financial drivers,” noted NCBA Group Managing Director John Gachora.
