NCBA Group’s FY20 net earnings plummeted 41.7% y/y to KES 4.6B on the back of a 227.0% y/y surge in loan loss provisions to KES 20.4B. The Group announced a KES 1.50 dividend per share translating to a dividend yield of 7.8% on the current price of KES 12.80 with book closure slated for 20th April 2021. We maintain a BUY recommendation on NCBA with a target price of KES 30.29 offering a potential upside of 31.1% on the current price.