NCBA Group PLC on Tuesday released the financial results for the fiscal year ending December 31, 2024, showcasing resilience and strategic growth amidst challenging economic conditions.
The Group reported a profit after tax (PAT) of KES 21.9 billion, reflecting a 2% increase compared to KES 21.5 billion in FY2023. This performance underscores the effectiveness of NCBA’s diversified business model and its commitment to driving financial inclusion across Africa.
NCBA Group Plc – Key Financial Highlights
- Profit Before Tax: KES 25.1 billion, a slight decline of 1% year-on-year.
- Operating Income: KES 62.7 billion, down 1.5% from the previous year.
- Operating Expenses: Increased by 10.6% to KES 32.2 billion, driven by investments in digital transformation and network expansion.
- Provision for Credit Losses: Reduced by 40% to KES 5 billion, reflecting disciplined credit underwriting and proactive portfolio monitoring.
- Customer Deposits: KES 502 billion, a 4% decline year-on-year.
- Total Assets: KES 666 billion, down 9.3% from FY2023.
- Digital Loan Disbursements: Surpassed KES 1 trillion, marking a 23% year-on-year increase.
In FY2024, NCBA Group achieved notable operational milestones across its business segments. Regional subsidiaries in Uganda, Tanzania, and Rwanda delivered a combined profitability of KES 3.2 billion, reflecting a 7% year-on-year increase.
Non-banking subsidiaries, including Investment Banking, Bancassurance, Leasing, and Insurance, experienced impressive growth of 36%, contributing KES 1.2 billion to the Group’s profitability.
The branch network expanded to 119 locations across Kenya, Rwanda, and Uganda, adding 10 new outlets to enhance customer accessibility. Through its partnership with Postbank, NCBA onboarded 476 agents and 96 branches, further bolstering its agency banking reach.
“Our FY2024 results reflect the resilience of our diversified business model. Despite external headwinds, our strategic investments in digital transformation, network expansion, and operational efficiency have positioned us for long-term growth and shareholder value creation.” – John Gachora, NCBA Group Managing Director.
Mr Gachora also emphasized on the need to continue tightening credit risk management, enhance recovery efforts, and refine lending strategies to maintain a healthy loan book. “We remain focused on driving efficiency, deepening customer relationships, and leveraging digital channels for sustainable growth,” he said.
NCBA’s strategic focus remained centered on driving innovation, sustainability, and customer experience. The Group’s investments in technology saw it disburse over KES 1 trillion in digital loan disbursements, reaching 60 million customers across Africa.
Its leadership in asset finance was reinforced through innovative products and partnerships with vehicle dealers, maintaining a dominant 35% market share. Additionally, NCBA demonstrated its commitment to diversity and sustainability by achieving gender balance across the workforce and fostering young talent through its Go Getter internship program. These strategic initiatives have positioned NCBA as a leader in financial inclusion and regional banking excellence.
NCBA Group Dividend
The board of NCBA Group Plc has proposed a dividend per share of KES 5.50 for the FY2024 (FY23:4.75), reflecting its strong financial performance, with the payment date set for May 28, 2025. The dividend payment is subject to approval by the shareholders during this years annual general meeting.
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