Home ECONOMY NCBA Permanently Closes 14 Branches

NCBA Permanently Closes 14 Branches

by biasharadigest

NCBA has permanently closed 14 of its branches, eight which formerly belonged to NIC, and six to CBA, before the merger.

According to the bank, the closures seek to cut costs, even as the COVID-19 restrictions continue to bring about reduced business activities.

The affected branches are spread out across Nairobi, Nanyuki, Machakos, Mombasa, Diani, Eldoret and Meru.

Meanwhile, the Group’s net earnings in the three months to March 2020 reached KSh1.6 billion from KSh1.3 billion posted in the first three months of 2019. With banks renegotiating loan repayment schedules with customers, owing to disruptive effects of COVID-19 on businesses and households, NCBA’s provisions for loan loss climbed astronomically from KSh584.9 million to KSh3.8 billion at the end of 31st March 2020.

See Also:

NCBA Net Earnings Increase to KSh1.6 Billion

Stanchart Bank Kenya Temporarily Closes Eight Branches

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