NCBA Bank Uganda has reported a net profit of 27 billion Ugandan shillings ($7.1 million) in 2023, marking a 17 percent increase from the previous year's $6 million. This growth was driven by a rise in customer deposits to $151 million from $130 million. The bank's CEO attributed this performance to fostering a high-performance culture and leveraging its digital lending arm, Mokash, emphasizing the bank's commitment to enhancing financial inclusion by providing access to short-term credit and savings platforms to over 10 million clients. The bank witnessed significant growth in total assets, which increased by 9 percent to $227 million, with total equity recording a remarkable 29 percent jump. Gross loans and advances also grew by 8 percent, reaching $64 million.
On the income side, the bank demonstrated healthy growth, with total income increasing by 14 percent to $30.2 million. Additionally, the bank managed to reduce impairments by 56 percent and also effectively managed operational costs, contributing to overall profitability.