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Equity Bank reports 5% growth in after-tax profit

26th March, 2019

Kenya's largest bank by customer numbers equity group holdings has reported a five per cent jump in net profits in it's full year results. This rise in profits saw the bank post an after?tax profit of 19.8 billion shillings from 18.9 billion shillings posted in 2017. The banks customer base grew to 13.5 million clients. Despite a slowdown in private credit in the economy equity registered a 13 percent hike in customer deposits. The bank's group CEO James Mwangi notes that despite the interest cap on lending rates, the banks loan book posted a 6% jump. The bank is optimistic of a better performance this year with Kenya having an expanded budget and an ambitious development plan under the big four agenda under the Jubilee government. 

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