NCBA Bank of Kenya: A Digital Leader In Banking Industry With A Strong Growth Outlook For 2024

NCBA Bank of Kenya has achieved remarkable milestones in 2023, with a pre-tax profit of KES 6.4 billion in Q1 2023, representing a 32% increase compared to the same period last year.

The bank has also disbursed KES 163.4 Bn in digital loans, a 26% increase year on year in line with its digitization agenda and its commitment to supporting small businesses and individual customers during this period.

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The Kenyan economy is projected to grow by 5.1% in 2023, according to the IMF. The GDP growth has been tied at 4.9 percent powered primarily by resilience in services and a reversal of fortunes in agriculture output especially in the first quarter of 2023.

The Central Bank of Kenya (CBK) on the other hand, expects the economy to grow by 5.5% in 2023 and close to 6.0% in 2024.

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NCBA Bank predicts a 5.1% growth in the Kenyan economy in 2024, boosted by a rebound in the agriculture sector, resilience in the services sector, and government measures to stimulate growth in priority sectors like agriculture and manufacturing.

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NCBA Bank of Kenya has been a digital leader in the banking industry, with its digitization agenda and commitment to supporting small businesses and individual customers.

The bank’s strong growth outlook for 2024 is a testament to its resilience and commitment to innovation. With a rebound in the agriculture sector and government measures to stimulate growth in priority sectors, NCBA Bank is poised to continue its growth trajectory in 2024.

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