NCBA Group PLC has announced a profit after tax of KES 21.9 billion for its FY 2024 financial results, marking a 2.0% growth from KES 21.5 billion reported in 2023. The Group continues to strengthen its role in driving financial inclusion across Africa, having now surpassed the KES 1 trillion mark in digital loan disbursements, helping over 60 million customers.
The Group’s Non-Performing Loan (NPL) ratio stands at 11.2%, reflecting strong discipline in credit underwriting, proactive portfolio monitoring, and effective customer engagement strategies. Impairment coverage remains at 60%, and the Group maintains a well-capitalized position with adequate provisions.
Key Financial Highlights:
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Digital loan disbursements reached KES 1 trillion, a 23% increase year-on-year.
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Profit after tax of KES 21.9 billion, a 2.0% increase year-on-year.
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Profit before tax of KES 25.1 billion, a 1.0% decrease year-on-year.
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Operating income of KES 62.7 billion, down 1.5% year-on-year.
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Operating expenses of KES 32.2 billion, up 10.6% year-on-year.
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Provision for credit losses decreased by 40%, standing at KES 5.5 billion.
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Customer deposits dropped to KES 502 billion, a 13.4% decrease year-on-year.
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Total assets declined to KES 666 billion, down 9.3% year-on-year.
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Final dividend declared at KES 3.25 per share, bringing the total to KES 5.50 per share for 2024.
“We are pleased to report a solid performance for FY 2024, which reflects the resilience and adaptability of our diversified business model,” said Mr. John Gachora, NCBA Group Managing Director. “While costs increased by 10% due to our investments in digital transformation, network expansion, and operational efficiency, we remain confident that these strategic investments will position us for sustainable growth despite ongoing external challenges.”
Regional and Subsidiary Performance
The Group’s regional subsidiaries in Uganda, Tanzania, and Rwanda collectively contributed KES 3.2 billion in profitability, reflecting a 7% increase year-on-year. Meanwhile, the Group’s non-banking subsidiaries, including its Investment Bank, Bancassurance, Leasing, and Insurance units, posted a significant 36% year-on-year growth, contributing KES 1.2 billion to the overall profitability.
Strategic Initiatives
NCBA continues to invest in its infrastructure to better serve its customers. The Group expanded its network, adding 10 new branches in Kenya, Rwanda, and Uganda, bringing the total to 119 branches across the region. The partnership with Postbank in Kenya resulted in the onboarding of 476 agents and 96 branches nationwide. Additionally, the Group’s diaspora banking team has extended its reach to Australia, the Middle East, and the USA.
The Group has also maintained its leadership in asset finance with a market share of 35%, driven by innovative products and partnerships with major vehicle dealers like Isuzu, CFAO, and Simba. Corporate Banking remains strong with a deposit base of KES 210 billion, set to grow further with a revamped internet banking platform.
Talent and Sustainability
NCBA has been recognized as an employer of choice, attracting top-tier talent and fostering employee growth through structured learning programs and leadership development initiatives. Its internship program, “Go Getter,” onboarded over 80 young employees, while its gender-balanced workforce (51% male, 49% female) demonstrates a strong commitment to diversity. The Group has also partnered with Microsoft and Amazon Web Services to provide digital training to its 3,500+ employees.
NCBA’s sustainability efforts are highlighted by its progress on the 15 “Change The Story” platform commitments, including:
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Planting over 426,678 trees with partners.
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Recycling 73% of waste in select offices.
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Mobilizing KES 6.5 billion in Green Financing.
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Installing 6 Electric Vehicle charging stations in Kenya, Rwanda, and Uganda.
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Empowering women and youth through education, mentorship, and business development programs, benefiting over 6,000 individuals.
See also
Branding and Awards
The rebranding of NCBA’s insurance subsidiary (formerly AIG Kenya) represents a successful integration into the Group, strengthening its competitive position in the market.
The Group’s commitment to customers has earned it over 30 prestigious awards, including:
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Top 10 Most Valuable Kenyan Brands (Brand Finance).
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Best Bank in Customer Experience (African Bank Awards).
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SME Financier of the Year – Africa (International Finance Corporation).
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Sustainable Finance 2nd Runner-Up (Kenya Bankers Association).
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Best Mergers & Acquisition Strategy (Abojani Investments).
Looking Ahead
Looking forward, Mr. Gachora remarked, “We will continue to tighten our credit risk management, enhance recovery efforts, and refine our lending strategies to maintain a healthy loan book. Our focus will remain on driving operational efficiency, strengthening customer relationships, and leveraging digital channels to ensure sustainable growth for the future.”
NCBA Group PLC’s FY 2024 results demonstrate its continued commitment to growth, innovation, and sustainable development, positioning the Group for long-term success in the evolving financial landscape.