20 March 2026
NCBA Dividend 2026: KES 2.50 Interim Paid — Final Dividend Due & Complete Guide
The NCBA dividend 2026 story has two parts — the KES 2.50 interim already paid in September 2025, and the final dividend expected imminently with FY2025 full year results. This guide covers both: confirmed figures, exactly how much you will earn by shareholding, and the key dates every NCBA shareholder must know.
🟡 Status as at March 20, 2026: NCBA FY2025 full year results are expected shortly — the FY2024 results were released March 27, 2024. The KES 2.50 interim dividend was already paid in September 2025. Watch ncbagroup.com and nse.co.ke for the final dividend announcement. This article will be updated immediately when confirmed figures are released.
NCBA Dividend 2026 — Key Numbers at a Glance
| Metric | Value |
|---|---|
| NSE ticker | NCBA |
| Interim dividend paid (Sep 2025) | KES 2.50 per share |
| Interim book close | September 19, 2025 |
| FY2025 final dividend | Pending — expected March/April 2026 |
| FY2024 total dividend | KES 5.25 (KES 2.25 interim + KES 3.00 final) |
| Most recent annual dividend | KES 5.50 per share |
| Current share price | KES 92.25 |
| Current dividend yield | ~6.9% |
| H1 2025 profit after tax | KES 11.1 billion (+12.6%) |
| Total assets (Jun 2025) | KES 662.9 billion |
| Customers served | 60+ million across Africa |
NCBA Dividend 2026 — What Has Been Confirmed
NCBA Group posted profit after tax of KES 11.047 billion for the six months ended June 30, 2025 — a 12.6% increase. Total operating income was KES 35.33 billion. Total assets reached KES 662.9 billion.
An interim dividend of KES 2.50 per share was declared on the back of these results.
| Metric | H1 2024 | H1 2025 | Change |
|---|---|---|---|
| Profit after tax | ~KES 9.8 billion | KES 11.047 billion | +12.6% |
| Total operating income | ~KES 31 billion | KES 35.33 billion | +14% |
| Total assets | ~KES 601 billion | KES 662.9 billion | +10.3% |
| Net NPL exposure | — | KES 13.14 billion | Monitor |
| Interim dividend | KES 2.25 | KES 2.50 | +11.1% |
Strong operating income growth of 14% and profit growth of 12.6% in a year when Standard Chartered’s profits fell 38% confirms that NCBA’s diversified income model — traditional banking plus digital lending fees plus asset finance — provides genuine earnings resilience.
NCBA Dividend 2026 Final — What to Expect
The FY2025 final dividend will be announced with the full year results. Based on NCBA’s established pattern:
The FY2024 final dividend of KES 3.00 was announced March 27, 2024, with book close April 30, 2024 and payment May 29, 2024.
For FY2025, expect a similar timeline — announcement in late March 2026, book close April/May 2026, payment May/June 2026.
NCBA Dividend History — 5-Year Table
The NCBA dividend 2026 continues four consecutive years of growth — from KES 2.50 total in 2021 to KES 5.50 most recently.
| Year | Interim | Final | Total DPS | Yield |
|---|---|---|---|---|
| 2021 | KES 1.00 | KES 1.50 | KES 2.50 | ~8.9% |
| 2022 | KES 1.50 | KES 2.00 | KES 3.50 | ~11.7% |
| 2023 | KES 2.00 | KES 2.25 | KES 4.25 | ~12.1% |
| 2024 | KES 2.25 | KES 3.00 | KES 5.25 | ~11.9% |
| 2025 (interim confirmed) | KES 2.50 | TBA | TBA | TBA |
NCBA has grown its total annual dividend 110% in four years — from KES 2.50 to KES 5.25. The most recent annual dividend figure stands at KES 5.50 per share.
What the FY2025 final dividend could be: The interim of KES 2.50 is already KES 0.25 higher than FY2024’s KES 2.25 interim. If the final follows the same pattern of growth, the FY2025 final could reach KES 3.00–3.50, bringing the total to KES 5.50–6.00.
Update this table immediately when the FY2025 final is officially announced.
How Much Will You Earn — Earnings Table
NCBA dividend 2026 — net earnings by shareholding after 5% withholding tax.
KES 2.50 interim — already paid September 2025
| Shares held | Gross interim | Tax (5%) | Net received |
|---|---|---|---|
| 100 shares | KES 250 | KES 13 | KES 238 |
| 500 shares | KES 1,250 | KES 63 | KES 1,188 |
| 1,000 shares | KES 2,500 | KES 125 | KES 2,375 |
| 2,000 shares | KES 5,000 | KES 250 | KES 4,750 |
| 5,000 shares | KES 12,500 | KES 625 | KES 11,875 |
Projected full year KES 5.50–6.00 total — update when confirmed
| Shares held | Gross total (KES 5.75 mid-estimate) | Tax (5%) | Net total |
|---|---|---|---|
| 100 shares | KES 575 | KES 29 | KES 546 |
| 500 shares | KES 2,875 | KES 144 | KES 2,731 |
| 1,000 shares | KES 5,750 | KES 288 | KES 5,463 |
| 2,000 shares | KES 11,500 | KES 575 | KES 10,925 |
| 5,000 shares | KES 28,750 | KES 1,438 | KES 27,313 |
Tax note: 5% withholding tax for Kenyan resident individuals, deducted automatically before payment. No filing required.
Investment context: At KES 92.25 per share, 1,000 shares requires approximately KES 92,250 investment. At a projected KES 5.75 total dividend, the yield on investment is approximately 6.2%. The current dividend yield stands at approximately 6.94% based on the most recent declared annual figure.
Key Dates — What to Watch
These are the critical dates for the NCBA dividend 2026 final payment.
The KES 2.50 interim is already paid. For the FY2025 final dividend:
| Event | Expected timing |
|---|---|
| FY2025 full year results | Late March 2026 — imminent |
| Final dividend announcement | With FY2025 results |
| Ex-dividend date | ~April/May 2026 |
| Book close | ~April/May 2026 |
| Final dividend payment | ~May/June 2026 |
Based on FY2024 pattern: final dividend announced March 27, book close April 30, payment May 29. Verify 2026 dates at ncbagroup.com and nse.co.ke when officially confirmed.
T+3 rule: Buy NCBA shares at least five business days before the confirmed ex-dividend date. NSE shares take three business days to settle. Do not leave this until the week before — confirm the exact date at nse.co.ke as soon as results are announced.
Before book close: Verify your CDS account has a current, active Kenyan bank account registered. Outdated bank details are the most common reason dividend payments bounce.
What Makes NCBA Different — The M-Shwari and Fuliza Franchise
Serving over 60 million customers, NCBA Group is the largest banking group in Africa by customer numbers.
That figure — 60 million — is not from branches. It is from NCBA’s digital banking partnerships.
M-Shwari
M-Shwari is Kenya’s most widely used mobile savings and credit product, operated in partnership with Safaricom and NCBA Bank Kenya. Every M-Shwari loan generates fee income for NCBA. Every M-Shwari savings account generates a low-cost deposit base. With Safaricom’s 40+ million Kenyan subscribers as the potential customer pool, NCBA’s digital lending reach dwarfs what its 100 branch network could achieve alone.
Fuliza
Fuliza is Safaricom’s M-Pesa overdraft facility — allowing users to complete transactions even when their balance is insufficient. NCBA provides the credit facility behind Fuliza. The product has become ubiquitous in Kenya — millions of Kenyans use Fuliza weekly. Every day Fuliza is active generates fee income for NCBA regardless of interest rate movements.
Asset finance dominance
NCBA holds an estimated 35% market share in Kenya’s asset finance sector — vehicle loans, equipment financing, and machinery loans for businesses. This is a structurally profitable segment with lower default rates than unsecured personal lending and higher margins than mortgage products.
Regional diversification
NCBA operates in Kenya, Tanzania, Uganda, Rwanda, and Côte d’Ivoire. Regional subsidiaries contribute a growing share of Group profits, reducing the impact of Kenya-specific interest rate movements on total earnings.
Is the NCBA Dividend Sustainable?
Is the NCBA dividend 2026 sustainable? The 12.6% profit growth in H1 2025 and 36% payout ratio suggest yes.
H1 2025 profit after tax grew 12.6% to KES 11.047 billion. This is genuine earnings growth — in contrast to Standard Chartered’s 38% profit decline in the same period.
The FY2024 payout ratio was approximately 36% on KES 21.9 billion full-year profit — conservative and well within the range that allows dividend maintenance through difficult years. Even if FY2025 full-year profit comes in flat or slightly lower than H1 suggests, the payout ratio buffer is substantial.
Key risks to monitor in the FY2025 results:
Net non-performing loan exposure stood at KES 13.14 billion as of June 2025. Mobile lending through M-Shwari and Fuliza carries higher default rates than secured lending. If economic conditions tighten in H2 2025, impairment charges could rise and impact full-year profits.
The CBK rate cutting cycle in 2025 compressed net interest margins across all Kenyan banks. NCBA’s diversified fee income from digital products partially offsets this — but net interest income remains the largest single income component.
The sustainability verdict: NCBA’s 12.6% profit growth in H1 2025, conservative payout ratio of approximately 36%, and fee income diversification through M-Shwari and Fuliza make the dividend sustainable at current levels and positioned for continued modest growth.
NCBA vs NSE Banking Peers — Where It Fits
| Bank | Total DPS | Yield | Payout ratio | H1 2025 profit trend | Digital strength |
|---|---|---|---|---|---|
| Standard Chartered | ~KES 45 | ~13.3% | 123% | -38% (FY2025) | Low |
| Equity Group | KES 5.75 | ~11.5% | 29% | +55% (FY2025) | High |
| Stanbic Holdings | KES 22.35 | ~8.8% | 64% | Flat | Medium |
| KCB Group | KES 7.00 | ~9.2% | 33% | +11% | High |
| COOP Bank | KES 2.50 | ~8.3% | 35% | Strong | Medium |
| NCBA Group | KES 5.50+ | ~6.9% | ~36% | +12.6% | Highest |
NCBA’s yield of approximately 6.9% is the most modest among the major banking dividend stocks — primarily because the share price has rallied strongly from approximately KES 44 in early 2025 to KES 92.25 today, compressing the yield. Investors who bought at KES 44 are earning approximately 12.5% yield on their purchase price alongside 100%+ capital appreciation.
For new buyers entering at KES 92.25, the yield is lower than peers. The investment case rests more on total return — ongoing dividend income plus further potential share price appreciation — than on maximising current income yield alone.
For the complete NSE yield rankings see our Top NSE Dividend Stocks Kenya 2026.
Should You Buy Before the NCBA Dividend 2026 Ex-Date?
At KES 92.25 after over 100% appreciation from early 2025, NCBA is no longer cheap on a yield basis. The income case must be weighed against the total return story.
At what price does NCBA make sense for income investors?
| Share price | Yield on KES 5.75 projected | Assessment |
|---|---|---|
| Below KES 70 | Above 8.2% | Very attractive for income |
| KES 70–95 | 6.1–8.2% | Fair — current range |
| KES 95–115 | 5.0–6.1% | Modest yield |
| Above KES 115 | Below 5.0% | Capital growth story only |
At KES 92.25 NCBA sits in the fair range — not a screaming income buy but not overvalued for a bank growing profits at 12.6% with the digital franchise behind M-Shwari and Fuliza.
Wait for the FY2025 results before buying. The announcement is expected within days. The final dividend amount, full-year profit, and any guidance on 2026 outlook will significantly clarify whether the current price is justified. Buying before the results carries the risk of disappointment if H2 2025 profits were weaker than H1.
Who should consider NCBA: Investors who want total return — income plus capital growth — and believe in Kenya’s digital banking expansion story. NCBA’s M-Shwari and Fuliza dominance is a structural competitive moat that generates recurring income regardless of interest rate cycles.
Who should look at other options first: Pure income investors maximising current yield should look at Equity Group (11.5%, 29% payout), KCB Group (9.2%, 33% payout), or COOP Bank (8.3%, 35% payout) before NCBA at 6.9%.
How to Qualify for the NCBA Final Dividend
Three requirements:
1. Own NCBA shares before the ex-dividend date Expected April/May 2026 — confirm at nse.co.ke when officially announced with the FY2025 results. Buy at least five business days before to ensure T+3 settlement. NSE ticker: NCBA.
2. Valid CDS account in your name Linked to your KRA PIN, active and in good standing. Need one? See our How to Invest in NSE Kenya 2026 guide — account opening is free and takes five to ten business days. You will also need a KRA PIN — free and takes five minutes online.
3. Current bank account registered on your CDS All major Kenyan banks accepted. Verify your registered bank details are current before the ex-dividend date.
FAQ
What is the NCBA dividend 2026 per share?
The confirmed KES 2.50 interim dividend was declared with H1 2025 results and paid in September 2025. The FY2025 final dividend is pending announcement with full year results expected imminently. The most recent annual dividend figure is KES 5.50 per share. Update at ncbagroup.com when confirmed.
When is the NCBA dividend 2026 payment date?
The interim was paid September 2025. The final dividend payment date will be confirmed with the FY2025 results. Based on the FY2024 pattern — book close April 30, payment May 29 — expect a similar timeline in 2026. Confirm at ncbagroup.com.
Does NCBA pay dividends twice a year?
Yes. NCBA pays an interim dividend after H1 results (August/September) and a final dividend after full year results (April/May). This gives shareholders two income payments annually — similar to KCB Group.
What is NCBA’s connection to M-Shwari and Fuliza?
NCBA is the banking partner behind both products. M-Shwari is the mobile savings and credit platform operated with Safaricom. Fuliza is the M-Pesa overdraft facility — also operated with NCBA. These partnerships give NCBA access to over 60 million customers across Africa.
Is NCBA better than Equity Bank for dividend income?
For pure current income yield — no. Equity Group offers 11.5% yield with a 29% payout ratio versus NCBA’s approximately 6.9% at current prices. For total return combining income and capital appreciation, NCBA’s digital banking franchise provides a different growth profile. Both can belong in a diversified NSE portfolio for different reasons.
What happened to NCBA’s share price in 2025?
NCBA began 2025 at approximately KES 44 and has risen to KES 92.25 by March 2026 — over 100% appreciation. This rally reflects genuine profit growth, the recognised value of the M-Shwari and Fuliza franchise, and broader NSE banking sector re-rating.
More NSE Dividend Guides
- KCB Dividend 2026 — record KES 7.00, pays twice yearly, book close April 2
- Equity Bank Dividend 2026 — record KES 5.75 after 55% profit jump
- COOP Bank Dividend 2026 — record KES 2.50 after strong FY2025
- Stanbic Holdings Dividend 2026 — KES 22.35, book close May 15 confirmed
- Standard Chartered Dividend 2026 — 13.3% yield, FY2025 profit -38% — risk analysis
- Top NSE Dividend Stocks Kenya 2026 — full yield rankings
- NSE Dividend Calendar 2026 — all payment dates in one place
- How to Invest in NSE Kenya 2026 — start from KES 5,000
- Best Money Market Funds Kenya 2026 — where to save while building your NSE portfolio
KES 2.50 interim confirmed from NCBA H1 2025 results released August 28, 2025. Book close September 19, 2025. FY2025 full year results and final dividend pending — update all projected figures immediately when officially announced at ncbagroup.com. Share price KES 92.25 as at March 2026 — verify current price at nse.co.ke. This article is for educational purposes only and does not constitute financial advice.