NCBA Group PLC (NCBA) has posted a net profit of Sh. 1.6 Billion in the first quarter of the year ending March 31,2020.
The lender’s total operating income for the quarter was sh 10.9 billion.
Its customer base stood at 54 million, deposits stood at Sh.390.5 billion, while the net loan book closed at Sh. 245.9 billion during the review period.
“The year started strong with promising growth driven by the optimisms in the East African economies, however the COVID-19 pandemic impacted business performance towards the end of the quarter where we saw reduced transaction volumes and credit demand,” said NCBA Group Managing Director, John Gachora.
NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) completed the merger of both institutions last year October.
The transaction was accounted for in accordance with IFRS 3 – Business Combinations.