NCBA Group PLC has posted a profit after tax of Ksh 9.3 billion in its H1 results ending June 30, 2023.
In a statement sent to newsrooms on Thursday August 24, the Uhuru Kenyatta-linked bank noted that the profit margin is a 20.3 percent increase compared to Ksh 7.8 billion reported during a similar period last year.
Before tax, the NCBA Group registered a profit of Ksh 12.4 billion representing 11 percent growth up from Ksh 11.2 billion in H1 2022.
NCBA Group Managing Director, John Gachora attributed the profit growth to consistent focus on strategic priories.
“These strong operating results are attributable to consistent focus on our strategic priorities,” Gachora stated while releasing the results.
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NCBA’s first half of the year performance was also significantly buoyed by the contributions of the regional subsidiaries in Tanzania, Rwanda and Uganda which collectively delivered a profit before tax of KES 1.4 billion an improvement from the 178 million which was posted in H1 2022.
“This change in outcomes was a result of the Group’s turnaround strategy which led to a recalibration of the business models in these markets and a right-sizing of the operating models,” NCBA stated.
Gachora at the same time pointed out that there is a continued growth in the customer deposits which has led to a bigger network.
“This year, we have opened branches in Kenol, Murang’a, Chwele, Kahawa Sukari and Eastleigh with a plan to open Migori, Ruaka and Wote branches within the month. We now boast of a network of 90 branches across 24 counties in Kenya,” he added.
