Equity Group has recorded an overall growth of 8% profit in their 3rd quarter from Ksh 14.6 billion in 2017 to Ksh 15.8 billion this year.
The banking group has also experienced a differentiated revenue growth of 1%, which is Ksh 49.3 billion up from Ksh 48.7 billion.
Non-funded income held strong to reach Ksh 19.8 billion driven mainly by remittance commissions, trade finance, agency and credit card fees and commissions.
Speaking during an investors briefing and release of 2018 financial results held in Nairobi on Monday, Equity Group Managing Director and Chief Executive Officer Dr James Mwangi said that they were reaping the benefits of a strong social brand that focuses on enhancing their relationship with the community through a shared prosperity approach to business.
“Equity Group business model has proven that the group is not dependent only on the loan book income to drive shareholder’s values,” said Mwangi.
He added that they have increased their internal capability to deliver digital banking by adopting predictive capability to inform advanced innovation with over 97% of all transactions migrating to digital.
According to the report, Equitel’s transactions value grew by 20% which is Ksh 425.1 billion up from Ksh 353.6 billion despite a slight decline in transactions volumes from Ksh 197.1 million to Ksh 185.4 million.
The MD also said that deposits grew by 9% that is Ksh 402.2 billion from Ksh 368.8 billion as the number of customers reached Ksh 12.7 million.
“While the agile and liquid balance sheet positioned the group defensively in the past, it now places the group competitively to take advantage of emerging opportunity at lower operational cost,” he explained.
Mwangi also disclosed that soon the group would be introducing buying and selling of foreign currency from the internet, which they would be launching in a few weeks’ time.