NCBA Group PLC’s net profit more than doubled to KSh10.2 billion from KSh4.6 billion in 2020.
The lender attributes the sterling performance from its banking, unit trust, and investment bank operations.
“While there is still much more to do, it is clear that our merger is paying dividends. The results are a reflection that we are delivering on our strategy despite the headwinds introduced by Covid-19,” Group Managing Director John Gachora said.
NCBA Board resolved to recommend a final dividend for the year of KSh 2.25 per share which, together with the interim dividend of KSh 0.75 per share paid on 12th October 2021, bringing the total dividend for the year 2021 to KShs 3.00 per share (2020: first and final dividend of Shs 1.50 per share).
Shareholders will approve the final payout at the forthcoming Annual General Meeting, scheduled for 5th May 2022.
The dividend will be payable to the shareholders registered on the Company’s register at the close of business on 29th April 2022 and will be paid on or after 5th May 2022.
The Group has a dividend yield of 11.9 percent based on the price of Ksh 25.10 as at 23rd March. This puts it in the second position amongst Kenya’s listed banks behind Standards Chartered 14.6 percent.
Going into the future, NCBA Group looks at deepening its corporate and asset finance in 2021 and digitizing its operations more as it looks to deliver better to its customers. The Group is looking at opening more branches while continually consolidating banks near each other.
“NCBA has successfully adjusted to a new normal in this Covid-era. Our business is more resilient than ever before and is on a strong path for growth. I am very excited that our branch expansion and digitization plans make us more relevant to a wider base of customers and enable us to serve them better,” said John Gachora, Group Managing Director.
Equity Group on Tuesday announced KSh 40.1 billion net profit.
KCB Group’s profit for the year ended December 31, 2021, grew 74 percent to KSh34.2 billion, from KSh19.6 billion a year earlier, driven by increased income, cost management, and lower credit provisions.
Khusoko is now on Telegram. Click here to join our channel and stay updated with the latest East African business news and updates.