Uganda, May 9 -- An increase in income from treasury bills and bonds shored up NCBA Bank's profits by 18.35 percent for the year that ended in December 2023.

The bank's net profit for the year grew to Shs26.9b from Shs22.8b, supported by income from government debt, which surged from Shs15.12b to Shs21.1b, translating into a 39.8 percent growth.

Earnings from interest on loans and advances stood at Shs53.6b, which was an 8.5 percent increase from Shs49.4b, recorded in the same period in 2022.

NCBA financial results show that the bank holds a tremendous amount of money in government debt to a tune of Shs372.5b, which, but lower than the Shs389.5b it held in 2022. This is larger than the Shs252.95b disbursed in loans and advances, which,...