The National Commercial Bank of Anguilla Ltd (NCBA) has posted a record increase in profits by 96% in the third quarter of 2022 financial year.
NCBA’s net profits after tax for the first nine months increased by 96.2% from KSH6.5 billion in 2021 to KSH 12.8 billion in 2022.
This superb financial performance was driven by an increase in digital loan disbursement, which grew by 23% in the third quarter. The company also recorded an increase in interest earnings by 14.9 percent from KSH 20.2 billion in September 2021 to KSH23.2 billion in September 2022.
NCBA Bank also registered operating income of KSH 45.8 billion in the same period, but its loan impairment charges reduced by 9% to KSH 8.3.
Like many other banks, NCBA experienced a massive increase in foreign exchange earnings, tripling from KSH3.5 billion to KSH 9.2 billion during the review period.
The NCBA bank also saw its loans expand by 11.7% to KSH 266 billion, and its non-performing loans reduced by 20.9 percent to KSH 36.4 billion.
The company also announced its plan to expand to other African countries through digital and mobile banking, a model that is already disrupting the traditional banking system.
NCBA Group to forgive KES 5.5B in defaulted Fuliza and M-Shwari loans under the CBK-guided credit repair program.
The banking industry is expected to forgive KES 15B worth of digital loans.