NCBA Group PAT increased by 123.67% y/y to KES 10.22Bn while the EPS grew by a similar margin to KES 6.21, both were above our expectations. Growth was driven by a 5.85% y/y increase in Total operating income to KES 49.15Bn and a 37.79% reduction in loan loss provisioning. Net-interest income grew at 6.06% to KES 27.04Bn mainly driven by income from government papers. Non-funded income grew by 5.59% to KES 22.11Bn on the back of increased digital transactions. Subsequently, the revenue mix for NII:NFI remained at 55:45 similar to FY’20 being one of the industry’s best balance.
