Business Daily | by Constant Munda
NCBA Group has posted the third biggest drop in profit among Tier I banks as lenders were forced to raise provisions for loan defaults in the wake of Covid-19 -induced economic difficulties facing borrowers.
Post-tax profit sunk 41.71 per cent to Sh4.57 billion for 2020 compared with a year earlier, the lender said on Monday when it released its first full-year performance following the successful merger of NIC Group and CBA in October 2019.
Provisions for bad loans more than tripled to Sh20.44 billion as borrowers faced economic hardships…
