NCBA Group has posted a 76.9 percent jump in net profit in the six months to June, driven by growth in interest income and a drop in provisions for bad debt.
The bank recorded a profit after-tax of Sh4.66 billion compared to Sh2.63 billion in the same period last year.
NCBA chief executive John Gachora tied the performance to the rebound in the economy following the easing of restrictions to curb the spread of Covid-19.
“Our customers are beginning to see real recovery and are investing in capital projects to grow their businesses. We remain focused on backing their ambitions as we collectively work to emerge from the impact of this pandemic,” said Mr Gachora.
Net interest income grew by 19.7 percent to Sh13.4 billion on gains from investment in government securities amid a contraction of its loan book to Sh239.6 billion as at June 30.
Lending to the private sector is still tightened with banks reporting muted growth on the extension of personal and business loans.