NCBA Group PLC has posted a profit after tax of KES 15.1 billion in its Q3 2024 financial results, a 3.0% increase compared to KES 14.6 billion reported during the same period in 2023.
The Kenyan banking group reported a 0.6% increase in operating income to KES 46.9 billion, while operating expenses rose 1.6% to KES 28.6 billion. Provision for credit losses fell 32.8% to KES 4.1 billion.
Digital loans disbursed reached KES 751 billion, an 8% jump year-on-year, as the group’s focus on enhancing digital financial inclusion services continued to pay off.
“We are pleased to announce continued strong performance in the third quarter of 2024. The underlying trends of our P&L remained solid against an exceedingly volatile operating environment,” said NCBA Group Managing Director John Gachora.
The Kenya banking business contributed 83% of the group’s KES 18.4 billion in profit before tax, while regional subsidiaries in Uganda, Tanzania and Rwanda delivered a combined KES 2.4 billion, or 13% of the group’s PBT.
NCBA also saw growth in its non-banking subsidiaries, including investment banking, bancassurance, leasing and insurance, which contributed 4% of group PBT.
