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NCBA Group has posted a profit after tax of KSh 23.4 billion ($180.3 million) for the year ending December 31, 2025, a KSh 1.5 billion ($11.6 million) increase from the KSh 21.9 billion ($168.8 million) the Kenyan lender recorded in 2024, as the bank heads into one of the most consequential ownership changes in East African banking history with its finances in strong shape.
The board approved a total dividend of KSh 7.1 ($0.055) per share, up 22.5% from the KSh 5.5 ($0.042) per share paid for the 2024 financial year. Shareholders on record as of April 30, 2026 will receive payment on or after May 26, 2026.
"The dividend will be payable to shareholders on record as of April 30, 2026, with payment to be made on or after May 26, 2026," said Group Managing Director John Gachora.
Net interest income drove the performance, rising from KSh 9 billion ($69.4 million) to KSh 44 billion ($339.1 million) during the period. Non-interest income also grew, climbing KSh 1.1 billion ($8.5 million) to reach KSh 29.2 billion ($225.1 million).
Kenyatta and Ndegwa families in line for $24.7 million payout
The dividend increase puts Kenya's two most prominent banking dynasties in line for a substantial payday. The Kenyatta family, through their investment vehicle Enke Investments, holds a 13.2% stake in NCBA, amounting to 217.5 million shares. At KSh 7.1 per share, the family is set to collect approximately KSh 1.54 billion ($11.9 million) in dividends. The Ndegwa family, through First Chartered Securities, holds a 14.44% stake equivalent to roughly 246 million shares, putting their dividend take at approximately KSh 1.75 billion ($13.5 million). Together, the two families stand to pocket over KSh 3.2 billion ($24.7 million) from the 2025 payout alone.
Strong results bolster case for Nedbank's $856 million bid
The full-year numbers arrive at a pivotal moment. South Africa's Nedbank made a formal offer in January 2026 to acquire about 66% of NCBA for approximately R13.9 billion ($856 million), structured as 20% cash and 80% newly issued Nedbank shares listed on the Johannesburg Stock Exchange. The transaction, expected to close in the third quarter of 2026, would make NCBA a subsidiary of the South African lender while the remaining 34% of its shares continue to trade on the Nairobi Securities Exchange.
Kenya's Capital Markets Authority granted Nedbank an exemption from mandatory full-offer rules in February, clearing a key procedural hurdle. Shareholders holding about 77.54% of NCBA's shares have already committed irrevocable undertakings in support of the offer.
The strength of the 2025 results reinforces the financial rationale underpinning the deal. NCBA manages KSh 665 billion ($5.13 billion) in assets, disburses more than KSh 1 trillion ($7.71 billion) in digital loans annually and serves more than 60 million customers across Kenya, Uganda, Tanzania, Rwanda, Ghana and Ivory Coast. The group has delivered an average return on equity of approximately 19% since 2021.
