Audited financial results of the Group and Bank for the year ended 31st December 2019

The NCBA Group PLC (NCBA) has recorded a pre-tax profit of KES 11.3 billion for the year ending December 31, 2019. Total operating income for the year was KES 33.7 billion and profit after tax was KES 7.8 billion.

This is the first time that the Group is announcing its combined financial results following the successful merger of NIC Group PLC (NIC) and Commercial Bank of Africa Limited (CBA) in October 2019. However, the results are not comparable with the corresponding figures of the previous year in view of the prospective basis of accounting.

The merger transaction is accounted for in accordance with IFRS 3 - Business Combinations. Reported results for both the Bank and the Group reflect heritage CBA prior to the completion of the merger and results from NCBA Group from the merger closing date onwards, with an adjustment to capital to reflect the legal capital of NIC. Therefore, pre-combination net income and net assets are those of CBA, including prior year comparatives.

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NCBA Group PLC reports financial results for the year ended 31 December 2019

The NCBA Group PLC (NCBA) has recorded a pre-tax profit of KES 11.3 billion for the year ending December 31, 2019. Total operating income for the year was KES 33.7 billion and profit after tax was KES 7.8 billion.

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