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Monday, July 13, 2020

Kenyatta-Ndegwa family bank posts Sh. 7.8 billion full year net profit

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NCBA 2020 Results: The NCBA Group, which is a bank associated with the Kenyatta family and the Ndegwa family, has posted a profit after tax of Sh. 7.8 billion. This is a decline of 15.1 per cent from the Sh. 9.2 billion that the bank posted the previous year.

During the year, the financial year, total assets went up 9.1 per cent to Sh..494.8 billion. This was driven by 11.8 per cent increase in government securities to Sh. 145 billion and 4.1 per cent growth in loan book Sh. 249.4 billion. Customer deposits went up by 10.9 per cent to Sh. 378.2 billion.

On the other end, total operating income went down by 7.6 per cent to Sh.33.7 billion with the 26.2 per cent increase in non-funded income (NFI) eroded by a 39.1 per cent decline in net interest income.

The Kenyatta family loses Sh. 1.5 billion in 30 days

Below is a breakdown of how the financial results for year ended December 31:

  • Total interest income declined 36.9% to KES.25.5Bn while total Interest expense dipped 33.9% to KES.12.2Bn.
  • Non-funded income (NFI) exceeded our 20% growth expectations as it grew 26.2% to KES.20.3Bn largely due to a 324.5% increase in other income to KES.5.6Bn from 1.3Bn in 2018.
  • Total Operating expenses declined 15.7% to KES.20.4Bn attributable to a 10% decline in loan loss provisions to KES.6.3Bn.
  • Asset Quality -The bank’s NPL ratio improved to 11.9% from 12.3% in 2018.
  • Dividend In line with our prediction of KES.1.50 per share, dividend yield of 6%at a current price of KES.25.10. NCBA 2020 Results.

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