NCBA Group has more than doubled its full-year net profit for the year ended December 2021 from Kshs 4.6 billion in 2020 to Kshs 10.2 billion.
The Group registered a full year profit after tax of Kshs 10.22 billion representing 124% growth up from Kshs 4.57 billion reported in 2020.
Growth in profitability was attributed to an increase in operating income of Kshs 2.7 billion and a significant decline in loan impairment charges of Kshs 7.7 billion.
John Gachora, Group Managing Director, NCBA Group said, “I am extremely proud of the financial results that the Group delivered in 2021. While there is still much more to do, it is clear that our merger is paying dividends. The results are a reflection that we are delivering on our strategy despite the headwinds introduced by COVID-19.”
“We now have a strong balance sheet with total assets up Kshs 63.1 billion to close at Kshs 591.1 billion and customer deposits up by Kshs 48.4 billion to close at Kshs 469.9 billion. We remain well capitalized with core capital at Kshs 70.9 billion and have a robust liquidity of 61.7%. This foundation has allowed us to continue serving our customers effectively through-out the pandemic.” John Gachora added.
Key Summary Highlights
- Asset base rose to KES 591.1 billion, 12% up year on year
- Customer deposits closed at KES 469.9 billion, 11% up year on year
- The Group disbursed KES 584 billion in digital loans, 35% increase year on year in line with its digitization agenda
- Operating income of KES 49.2 billion, 6% up year on year
- Cost to income ratio of 42.18%, flat year on year
- Operating profit before loan loss provisions of KES 28.4 billion, 6% up year on year
- Loan impairments charges for the period at KES 12.7 billion, 38% down year on year
- Non-Performing loans coverage ratio increased to 73.6%, from 60.9% in the same period last year
- Profit before tax of KES 15.03 billion, 202% up year on year
- Profit after tax of KES 10.2 billion, 124% up year on year.
