NCBA | NCBA Group FY'23 Earnings Note

    NCBA Group surpassed in-house expectations to post an outsized 55.7% y/y growth in net earnings to KES 21.46Bn throughout 2023. Revenue growth was propelled by balanced performance across regional core banking and non-banking subsidiaries.

    The Board of Directors recommend a final dividend of KES 3.00 per share. In addition to the earlier issued interim dividend of KES 1.75, this raises the total FY’23 dividend to KES 4.75.

    Recommendation - We maintain our BUY recommendation on NCBA Group underpinned by its promising return on equity trajectory and robust commercial momentum across business segments.


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