NCBA Group PLC has announced its financial results for the full year ended December 31, 2024, demonstrating resilience and strategic progress amidst a dynamic operating environment. The Group reported a profit after tax of KSh21.9 billion, marking a 2.0 per cent increase compared to KSh21.5 billion in the previous year.
A key highlight of the year was the Group’s significant achievement in driving financial inclusion across Africa, with digital loan disbursements crossing the KSh1 trillion mark. This milestone underscores NCBA’s commitment to leveraging technology to expand access to financial services for over 60 million customers.
Despite the positive profit growth, the Group’s profit before tax stood at KSh25.1 billion, a marginal decrease of 1.0 per cent year-on-year. Operating income saw a slight decline of 1.5 per cent to KSh62.7 billion, while operating expenses increased by 10.6 per cent to KSh32.2 billion, primarily driven by strategic investments in digital transformation, network expansion, and operational efficiency aimed at positioning the Group for long-term growth.
“We are pleased to announce our Full Year 2024 financial results which reflect the resilience of our diversified business model. The underlying trends of our P&L remained solid while our cost increase of 10 per cent was driven by targeted investments in digital transformation, network expansion and operational efficiency which have positioned us for long-term growth. Amidst ongoing external headwinds, NCBA’s strategic imperatives have enabled us to deliver shareholder value.” said John Gachora, NCBA Group Managing Director.
The Group maintained a disciplined approach to credit risk management, with the non-performing loan (NPL) ratio at 11.2 per cent, reflecting proactive portfolio monitoring and strong customer engagement strategies. Impairment coverage remained robust at 60 per cent, and the Group remains well-capitalized with sufficient provisions.
Strategic Growth and Expansion
NCBA’s regional subsidiaries in Uganda, Tanzania, and Rwanda collectively delivered a 7 per cent year-on-year increase in profitability, reaching KSh3.2 billion. The non-banking subsidiaries, including the Investment Bank, Bancassurance, Leasing, and Insurance businesses, demonstrated significant growth of 36 per cent year-on-year, contributing KSh1.2 billion to the Group’s overall profitability.
The Group continued to expand its reach through a smart network roll-out, increasing its branch network to 119 across the region, with 10 new locations opened in Kenya, Rwanda, and Uganda. Strategic partnerships, such as the agency banking collaboration with Postbank in Kenya, added 476 agents and 96 branches. Furthermore, the diaspora banking team expanded its global customer footprint in key markets including Australia, the Middle East, and the USA.
NCBA maintained its leadership in Asset Finance with a market share of 35 per cent, driven by product innovation and strategic agreements with leading vehicle dealers. The Corporate Banking division, with a deposit base of KSh210 billion, is expected to strengthen further with the upcoming revamped internet banking platform.
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Commitment to People and Sustainability
NCBA was recognized as an employer of choice, attracting top talent and fostering growth through structured learning and leadership development programs. The Go Getter internship program onboarded over 80 young potential employees, and the Group maintained a strong commitment to diversity with a gender balance of 51:49 (Male/Female). Training partnerships with Microsoft and Amazon Web Services for over 3,500 employees are set to accelerate the Group’s digital transformation efforts.
Brand Integration and Recognition
NCBA’s insurance subsidiary (formerly AIG Kenya) successfully rebranded last week, signifying its full integration into the NCBA Group PLC family. The new brand will leverage the strengths of NCBA and enhance its market positioning.
The Group’s commitment to excellence was recognized with over 30 top industry awards, including being named among the Top 10 Most Valuable Kenyan Brands by Brand Finance, Best Bank in Customer Experience by African Bank Awards, and SME Financier of the Year-Africa by the International Finance Corporation.
Looking ahead, Gachora stated, “We continue to tighten credit risk management, enhance recovery efforts, and refine our lending strategies to maintain a healthy loan book. We remain focused on driving efficiency, deepening customer relationships, and leveraging digital channels for sustainable growth.”
