Business Desk 
John Gachora,Group Managing Director-NCBA.The growth in profitability was attributed to an increase in operating income by Sh9.5 billion, driven by higher customer activity and a decline in loan impairment charges by Sh0.9 billion.Total interest income rose by 13.3 per cent to Sh38.7billion from Sh34.2billion in Q3 2021.,{photocredit/File/NCBA}
NCBA Group has posted a net profit of Sh12.8billion in the nine months ended September 2022, a 96 per cent growth from Sh6.5 billion posted during a similar period in 2021.
The growth in profitability was attributed to an increase in operating income by Sh9.5 billion, driven by higher customer activity and a decline in loan impairment charges by Sh0.9 billion.Total interest income rose by 13.3 per cent to Sh38.7billion from Sh34.2billion in Q3 2021.
In the period, the lender’s loan book rose by 61per cent to Sh266billion from Sh238.2billion.
Operating expenses rose by 19 per cent to Sh18.5billion as the bank undertook expansion plans in the country and region.
Despite this, loan impairment charges declined to Sh8.3 billion from Sh9.2 billion.
The lower loan-loss provisioning costs were backed by a 20.9 per cent decline in gross non-performing loans (NPLs).
The lender’s asset base rose to Sh595 billion during the period, a 6 per cent growth year on year.
1 thought on “NCBA announces Sh18.2Bn net profit in Q3 2022”