NCBA Group clocked below in-house expectations over the first nine months of 2024 recording a mild 3.1% y/y growth in net earnings to KES 15.10Bn.
Net interest margin contracted 30bps y/y to 5.4% reflecting mounting pressure from escalating funding costs that outpaced yields on interest earning assets.
Recommendation - We maintain our BUY recommendation on NCBA Group underpinned by the promising growth trajectory.
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