NCBA Bank net profit up 17% in 2023

NCBA Bank Uganda announced a net profit of Shs27 billion in 2023, marking a 17% increase from the previous year’s performance of Shs23 billion.

The surge in customer deposits, reaching Shs567 billion in 2023 compared to Shs491 billion the year before, contributed significantly to this growth, according to executives.

Patrick Muyobo, the bank’s Chief Executive Officer, attributed this success to NCBA’s strategic emphasis on cultivating a high-performance culture and leveraging the capabilities of its digital lending arm, Mokash.

Muyobo underscored the bank’s dedication to enhancing financial inclusion in Uganda by granting access to short-term credit and savings platforms to over 10 million clients through Mokash.

The bank witnessed substantial growth across various metrics, with total assets increasing by 9% to Shs854 billion in 2023 from Shs741 billion in the previous year.

Total equity also experienced a notable 29% increase. Additionally, gross loans and advances grew by 8%, reaching Shs242 billion.

On the income side, the bank demonstrated healthy growth, with total income rising from Shs100 billion to Shs114 billion, marking a robust 14% increase.

Furthermore, the bank successfully reduced impairments by an impressive 56%, from Shs7 billion to Shs4 billion.

Operational costs were effectively managed, witnessing a 6% reduction from Shs48 billion in 2022 to Shs48 billion in 2023, contributing positively to the bank’s overall profitability.

Looking forward, Muyobo reaffirmed NCBA’s commitment to executing strategic business priorities, leveraging its digital capabilities, and maintaining a customer-centric approach.

He expressed confidence that with a solid financial foundation and a culture of innovation, NCBA Bank Uganda is well-positioned to seize emerging opportunities and drive sustainable growth in the market