NCBA reports 17% increase in net profits

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NCBA Bank has announced a 17% increase in net profit to sh27b from sh22b, supported by growth in customer deposits to sh567b for the period ended December 2023.

Total assets grew 15% to sh853b from sh741b. Net loans and advances increased 20% to sh252b from sh210 in the same period in 2022 according to the bank’s audited results.

Total income rose 14% to sh114b from sh99b, with a 56% reduction in impairments to sh4b. Operational costs were effectively managed, with a 6% reduction to sh48b.

NCBA Bank CEO Mark Muyobo said: “Through our digital lending business of Mokash we have elevated financial inclusion in the Ugandan market through easing access to short term credit to the unbanked and providing a savings platform to over 10 million of our clients.”

MoKash is a service available for MTN Mobile Money customers that provides customers the ability to save using MTN Mobile Money and to take loans on a short term basis.

The bank received a sh22.6b capital injection from its parent company, NCBA Group, as part of a larger investment in its regional retail banking business.

“With a solid financial foundation and a culture of innovation, NCBA Bank Uganda is poised to capitalise on emerging opportunities and drive sustainable growth in the market,” Muyobo said.