NCBA Group PLC on Wednesday, May 22, recorded a profit after tax of Ksh5.3 billion in its first quarter of 2024, indicating a 5 per cent increase compared to Ksh5.1 billion posted during a similar period in 2023.
To achieve the phenomenon, the regional subsidiaries in Uganda, Tanzania and Rwanda posted Ksh705 million while the non-banking subsidiaries recorded positive operating profit and contributed to 4.9 per cent of the overall profit.
John Gachora, Group Managing Director of NCBA, attributed the results to a diversified business model that has stood the test of time.
“We are pleased to report strong financial results for the first quarter of 2024. Despite a challenging operating environment, our diversified business model continued to demonstrate growth and resilience with strong contribution from our digital business and stable performance from our regional banking subsidiaries," stated Gachora.