Equity Bank’s mobile offering to lift its third quarter results

NAIROBI, KENYA: Equity Bank to will release its nine months financial results tomorrow, becoming the first commercial bank to do so ahead of the competition. The bank has been in the public limelight in recent weeks since announcing plans to enter the mobile money transfer business. Using the thin SIM platform, the service offered by the bank will allow users to send cash to any mobile phone network.

Financial results for the first six months of this year put Equity’s pre-tax profits at Sh7.66 billion from Sh6.02 billion over a similar period last year. This placed it in second place behind leaders Kenya Commercial Bank whose half year pre-tax profit hit Sh8.1 billion up from Sh7.1 billion in the six months of 2013.