NCBA proposes Sh2.25 dividend as profit hits Sh9.8b

NCBA CEO John Gachora (second right) and top bank officials release 2023 financials. [Wilberforce Okwiri]

NCBA Group posted a five per cent jump in profit after tax of Sh9.8 billion in the first half of the year on higher income.

The lender reported a profit of Sh9.3 billion in a similar period in 2023. "We are pleased to announce another set of strong financial results for the first half of 2024," said the Group Managing Director of NCBA John Gachora in a statement.

"Despite some headwinds presented by the current operating environment, our diversified business model continued to demonstrate resilience."

Following the performance, the NCBA board proposed an interim dividend declaration of Sh2.25 for every ordinary share.

Meanwhile, Standard Chartered Bank Kenya (StanChart), a unit of UK banking multinational Standard Chartered, saw its net earnings jump nearly 50 per cent in the half-year to June to Sh10.2 billion, riding on higher interest and non-funded income.