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NCBA Group is the latest tier-one bank in Kenya to report impressive 2021 Full-Year Results.
The bank, borne out of a 2019 merger between NIC Bank and CBA Group, posted profit after tax of Ksh10.22 billion in 2021 – more than double the 2020 figure which stood at Ksh4.57 billion.
Profit before tax rose to Ksh15.03 billion in 2021 up from Ksh4.98 billion the previous year.
The growth was driven primarily by reduced operating costs and lower credit impairment provisions. It continues the trend that has seen several banks report record-breaking 2021 results.
NCBA Group’s total operating expenses fell to Ksh33.44 billion in 2021 down from Ksh40.03 billion in 2020. Loan loss provisions slid 38% to Ksh12.7 billion.
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Customer deposits increased 11.5% to reach Ksh469.9 billion. It drove growth in total assets which rose 12% to Ksh591 billion.
Earnings per share rose to Ksh6.21, up 124.2% from Ksh2.77 in 2020.
The bank declared a final dividend of Ksh2.25 per share, up from Ksh1.50 in 2020.
NCBA Group voiced a positive outlook as it looks to scoop up more market share.
“In the strategic cycle, the Group has committed to investing in initiatives that build a Distinguished Brand,” the bank noted.
