NAIROBI, Kenya- NCBA Bank Kenya has officially secured its position as the third-largest bank in Kenya by market share, as revealed in the Central Bank of Kenya’s (CBK) Bank Supervision Annual Report for 2023.
This impressive ranking underscores the bank’s robust growth and strategic prowess in the competitive banking sector.
As of December 2023, NCBA Bank Kenya held 64.5pc of the banking sector market share, boasting assets worth Sh. 661.7 billion and total deposits of Sh. 529.1 billion.
The bank’s customer base is equally impressive, with the highest number of loan accounts, totaling 8,338,595, and the second highest number of deposit accounts at 30,803,966, capturing 32.5pc of the market share.
In the realm of deposit accounts exceeding Sh. 500,000, NCBA leads the pack, showing a remarkable 184pc growth from 146,396 accounts in December 2022 to 416,481 accounts by the end of 2023.
For accounts with balances below Sh. 500,000, NCBA reported 30,387,485 accounts, up from 29,330,294 the previous year.
The CBK report highlights NCBA’s solid financial foundation, with total shareholders’ funds reaching Sh. 87.8 billion.
The larger NCBA Group’s net profit surged by 55.7pc to Sh. 21.4 billion, driven by operating income of Sh. 63.6 billion and an expanded balance sheet totaling Sh. 734.6 billion in assets.
In the current financial year, NCBA continues to show promising performance. In the first quarter alone, the NCBA Group posted a net profit of Sh. 5.3 billion, propelled by increased non-interest income and reduced tax expenses.
CEO John Gachora attributes this success to the bank’s diversified business model and robust digital business growth.
CEO John Gachora emphasized, “We have maintained asset finance market share leadership at 35pc, and our growing deposit base demonstrates our ability to attract and serve more corporate and retail customers. Our regional branch expansion, now at 114 locations, ensures superior experience and convenience through a broader network.”
With a robust digital strategy, an expanding branch network, and a strong brand presence, NCBA is well-positioned to continue its upward trajectory in the banking industry.
