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Banks defy interest rate cap to rake in big profits

Equity Bank Group Chief Commercial Officer, Polycarp Igathe (left) makes remarks during the release of Equity Group Holdings Plc 2018 Half Year Financial Results at Equity Centre. [Wilberforce Okwiri/Standard]

Commercial banks have defied the interest rate regulations to rake in more billions against a sustained attack on the controls that have cushioned millions of borrowers.

Top bankers announced huge profits contradicting their prior warnings that controlling lending rates would hurt the banking sector.

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