Q1 Profit

CorporateNews

NCBA first quarter profit up 49 percent to Sh5.1 billion

NCBA Group’s net profit for the quarter that ended March has surged by 49 percent to Kes5.1 billion from Kes3.4 billion in Q1 2022 attributable to an increase in operating income and a decline in loan impairment charges. Despite the tough macroeconomic conditions, the Group’s prudent management of credit risk has resulted in an improved NPL ratio and a reduced cost of risk. In the quarter, loan loss provision eased by 23 percent down year on year to Kes2 billion in a period when the lender’s loans on digital platforms went up by 37 percent to Kes223 billion. Further, customer deposits increased 7 percent to…

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CorporateNews

KCB doubles loan loss provision to Sh4.1 billion as profit dips

KCB has nearly doubled its cover for bad loans to Kes4.1 billion in the period that ended March as the regional lender’s net profit for the first quarter this year dipped to Kes9.75 billion from Kes9.85 billion in March 2022. The lender said increased credit risk and the impact of forex devaluation in Kenya was presenting a challenging operating environment that has greatly impaired the quality of its assets. In the period, KCB Group’s gross non-performing loans jumped by 34.8 percent to Kes176.5 billion from Kes130.9 billion in March 2022. The bank’s loan book expanded by 31.9 percent to close the quarter at Kes928.8 billion…

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