NCBA’s full-year net profit for the year 2020 nosedived by 42% to Kes4.6 billion as the bank ramped up its provisions for loan losses. The tier-one lender put aside Kes 20.4 billion to cover expected loan losses caused by the loan relief introduced by the government as a method to cushion the economy from the effects of the COVID-19 pandemic, compared to Kes 6.25 billion set aside in 2019.
The bank’s revenue from net interest income shot up by 91% to Kes 25.5 billion at the end of 2020, from Kes 13.3 billion at the end of 2019. Non-interest income rose by 3% to Kes 20.9 billion from Kes 20.3 billion during the same period in 2019.
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