NCBA H1 2025 Results: Profit Up 12.6 Percent To KES 11.1B, KES 2.50 Dividend

NCBA Group posted KES 11.1B profit after tax in the first half of 2025, declared an interim KES 2.50 dividend per share, and credited income growth to pricing discipline, asset-quality control, and strong digital lending.

Key Numbers You Should Know

• Profit before tax KES 13.6B, up 11.4 percent year on year.
• Profit after tax KES 11.1B, up 12.6 percent year on year.
• Operating income KES 35.3B, up 12.7 percent year on year.
• Operating expenses KES 18.6B, up 12.5 percent year on year.
• Loan-loss provisions KES 3.2B, up 19.1 percent year on year.
• Digital loans disbursed KES 646B, up 35 percent year on year.
• Customer deposits KES 497B, down 6 percent year on year.
• Total assets KES 663B, down 3.8 percent year on year.
• NPL ratio 11.9 percent, cost of risk 1.4 percent.
• Capital adequacy ratio 22.4 percent.
• Interim dividend KES 2.50 per share, with record date September 18, 2025 and payment on or after October 2, 2025.

What Moved The Needle

Net interest income and pricing

Management points to operational discipline and prudent pricing as key tailwinds. The group’s net interest income and better funding costs at the Kenya bank lifted earnings, with the Kenya subsidiary’s PBT up 7.4 percent and net interest income up 32 percent year on year (subsidiary level). This aligns with a friendlier rate backdrop after the Central Bank of Kenya cut the policy rate to 9.50 percent on August 12, 2025, signaling more accommodative conditions for credit growth.

Costs and credit risk

Operating expenses grew broadly in line with income. Provisions rose 19.1 percent as the bank stayed conservative on risk. Even so, the reported NPL ratio of 11.9 percent and a 1.4 percent cost of risk suggest asset-quality pressure is contained for now.

Deposits and liquidity

Deposits and total assets contracted year on year. That mix shift, paired with strong liquidity and capital buffers, implies room to support lending while keeping balance-sheet resilience in focus.

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Digital, Subsidiaries, And Platforms

• Digital lending: KES 646B disbursed, underscoring NCBA’s scale in mobile credit. For context on digital credit dynamics and borrower behavior in Kenya, see our recent explainer on default risks and credit tools for first-time borrowers.
• Regional and non-bank businesses: Regional subsidiaries delivered KES 1.8B PBT. Non-bank subsidiaries posted KES 804M PBT, up 40 percent, with NCBA Investment Bank surpassing 50,000 clients and AUM at KES 86B.
• Platforms and franchise: Asset finance leadership at 31 percent share, an upgraded CarDuka marketplace, and strong adoption of the ConnectPlus corporate banking platform, now used by over 90 percent of active clients.
• Distribution and customers: Branch network expanded to 122 across the region. Core bank customers rose to 412,000, while the overall customer base approached 70 million.

Dividend And Dates You Should Bookmark

The board declared an interim dividend of KES 2.50 per share. Shareholders on the register at close of business September 18, 2025 will be eligible, with payment on or after October 2, 2025.

Outlook: Lower Rates, Cautious Growth

NCBA notes a more supportive macro backdrop, including a 3.0 percent global growth outlook and easing monetary policy. The CBK’s August cut to 9.50 percent, after a sequence of reductions since mid-2024, should gradually reduce funding costs and stimulate private-sector credit, though execution will hinge on deposit competition, asset-quality trends, and consumer demand.