Equity Bank’s net profit grows from Sh4.9b to Sh5.9b

Equity Bank's Chief Executive Officer James Mwangi
NAIROBI, KENYA; Equity bank has recorded a net profit of Sh5.9 billion in the first three months to March this year, a 22 per cent jump from Sh4.9 billion recorded similar period last year.

During the period under review, the lender recorded net interest income of Sh9.82 billion compared to Sh8.89 billion a year ago.

The quarter one profit tax and exceptional items were Sh 8.33 billion compared to Sh6.90 billion a year ago

The financial technology capabilities and innovations saw the Group grow its Diaspora Remittance income by 183 per cent from Sh52 million to Sh117 million.

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Non Funded Income streams saw Trade Finance income grow by 32 percent, Merchant Commissions by 23 percent, Mobile Banking by 75 percent and Diaspora Remittances by 183 percent.

The lender said it has reinvented its business model and strategy to focus on eight key areas to adjust and adopt to the new norm.

The key focus areas include non-funded income growth, treasury, geographical and business diversification, strengthening liquidity and balance sheet agility, and asset quality.

Other areas are in the innovation and technology efficiencies and cost optimization and impact investment.

More to follow

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Equity BankJames Mwangi