NCBA: Nedbank sale deal on track as profit up 9pc
Business
By
Brian Ngugi
| May 21, 2026
NCBA Group reported a nine per cent increase in first-quarter net profit on Wednesday, driven by strong growth in digital lending, higher customer deposits, and improved revenue diversification across its regional operations.
The tier-one lender said profit after tax rose to Sh6 billion in the three months to March 31, up from Sh5.5 billion a year earlier.
Net interest income rose on the back of a 27 per cent jump in digital loan disbursements to Sh391 billion, while non‑funded income benefited from higher transaction volumes as 98 per cent of all customer activity moved to digital channels.
Group Managing Director John Gachora said the results marked a strong start to the bank’s new four-pillar strategy, which includes fortifying its core business and scaling high-growth segments.
Operating income jumped 15 per cent year-on-year to Sh20 billion in the period.
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Customer deposits closed at Sh544 billion, up 10 per cent, while total assets rose 13 per cent to Sh741 billion.
NCBA Bank Kenya remained the main profit driver, with profit before tax rising 20 per cent to Sh6.5 billion.
Combined operations in Uganda, Tanzania, and Rwanda contributed Sh707 million, while non-banking subsidiaries added Sh641 million.
Provision for credit losses rose 56 per cent to Sh2.5 billion, which the bank described as a prudent response to a volatile operating environment.
Gachora said a proposed transaction with Nedbank Group Limited of South Africa remains on track.
He added that the bank has so far seen no material impact from Middle East geopolitical tensions but continues to monitor the situation.