NCBA Group has more than doubled its full-year net profit for the year ended December 2021 from Sh4.6 billion in 2020 to Sh10.2 billion.
The growth was driven by a strong performance from its banking, unit trust and investment bank operations.
This, even as the biggest bank in the country by customer numbers loan book slightly shrunk to Sh244.03 billion from Sh248.49 billion the previous year.
The reduced lending explains the marginal drop in interest income from loans which reduced to Sh25.5 billion, from Sh26.7 billion.
Interest income from government securities however grew to Sh20.3 billion from Sh16.8 billion, bringing the bank's total annual to Sh46.51 billion up from Sh44.2 billion.
Customer deposits increased to Sh469.9billion from Sh421.5 billion.
Similar to other banks that set high loan-loss provisions in 2020, NCBA slashed its loan-loss provision by almost half from Sh20.4 billion to Sh12.7 billion, due to reduced lending activities.
Other reductions were in staff costs, director emoluments, and rental charges, bringing down operating expenses to Sh33.4 billion from Sh40 billion.
NCBA becomes the latest top-tier bank to report a huge jump in profit after Equity, which on Tuesday announced a Sh40.1 billion net profit.
KCB Group profit for the year ended December 31, 2021 grew 74 per cent to Sh34.2 billion, from Sh19.6 billion a year earlier, driven by increased income, cost management, and lower credit provisions.
Co-op Bank on the other hand reported a Sh16.5 billion net profit, up from Sh10.8 billion a year earlier.
