Equity Bank has reported a 14 per cent growth in after tax profit for the nine months ended in September attributed to the growth of its regional subsidiaries. The bank recorded Ksh12.8 billion in net profit up from Ksh11.2 billion recorded in the same period last year.
Speaking during the event, Equity Group CEO, Dr James Mwangi said that there was a huge growth in both banking and non-banking subsidiaries. “Profits for all regional banking subsidiaries and non-banking subsidiaries grew by 92 per cent. The Kenyan banking outfit contributed 86 per cent of profits down from 94 per cent last year,” said Dr Mwangi.
Equity’s loan book stood at Ksh263 billion from Ksh206 billion in September last year while customer savings rose to Sh316 billion from Sh243 billion over the same period. Its non-interest income rose by 29 per cent to 16.8 billion riding on growth in foreign exchange income.
Its non-interest income went up by 19 per cent to Sh25.6 billion, even as costs rose by 28 per cent, which the management attributed to investments in IT to improve service delivery. The bank has operations in Uganda, Rwanda, Tanzania, South Sudan recently entered the DRC market through an acquisition.
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