- NCBA Group saw a five-percent boost in profit after tax, totaling Sh9.8 billion ($76 million) for the first half of 2024.
- Even with tough economic times, NCBAs varied business approach allowed it to post solid financial results and propose a dividend of Sh2.25 per share.
- Standard Chartered Bank Kenya experienced an almost 50-percent jump in net earnings to Sh10.2 billion ($79 million), thanks to increased income.
NCBA Group , a leading financial services conglomerate controlled by some of Kenyas wealthiest families has reported a five-percent increase in profit after tax for the first half of 2024, reaching Sh9.8 billion ($76 million). This reveals a notable improvement from the Sh9.3 billion profit recorded in the same period in 2023.
John Gachora, the group managing director of NCBA, expressed satisfaction with the companys performance.
We are pleased to announce another set of strong financial results for the first half of 2024, he said. Gachora attributed the success to NCBAs diversified business model, which has helped the lender navigate a difficult operating environment.
Despite facing several economic headwinds, NCBAs strategic focus on diversification and strong income growth has allowed the group to post solid results. In light of the positive performance, NCBAs board has proposed an interim dividend of Sh2.25 per ordinary share.
Standard Chartered Kenya reports record earnings growthWhile NCBA Group posted strong growth, other banks in Kenya also showed impressive performances. Standard Chartered Bank Kenya (StanChart) , a subsidiary of the UK-based banking giant, reported a significant increase in its net earnings. For the half-year to June 2024, StanCharts net earnings rose nearly 50 percent to Sh10.2 billion ($79 million).
