Equity net profit for 2014 jumps 29pc to Sh17 billion

Equity Chief Executive James Mwangi during an investor briefing and release of the 2014 full year financial results at Equity Centre, Nairobi yesterday. [PHOTO: BEVERLYNE MUSILI/STANDARD]

Equity Group Holdings, the parent to Equity Bank, posted a 29 per cent net profit growth in the year ended December 31, 2014, helped by increased lending and transaction-based earnings.

The bank’s net profit in the period stood at Sh17.2 billion compared to Sh13.3 billion the year before. The bank, which includes subsidiaries in Kenya, Uganda, Rwanda, South Sudan and Tanzania, saw its pretax profit rise to Sh22.4 billion in 2014, up from Sh19.2 billion in 2013, due to a rise in net interest income and loan book.