Equity net profit for Q1 grows by 6.6pc to Sh12.3bn
The Banker Top 1000 World Banks 2021 index ranked Equity Bank 22nd in Africa and 761 overall in its global ranking, 149th in soundness (Capital Assets to Assets ratio), 71st in terms of Profits on Capital and 39th on Return on Assets.
Get real time updates directly on you device, subscribe now.
By Victor MUJIDU
Equity Group Holdings Tuesday announced a 6.6 percent net profit growth in the first quarter ended March to Sh12.3 billion, attributing the growth to higher interest income as well as revenue from fees and commissions.
The lender had recorded a net income of Sh11.5 billion a year earlier. Equity’s non-interest income grew the fastest at 57 percent to reach Sh18 billion, helping lift total operating income to Sh40 billion.
Net loans and advances to customers grew by 21 percent to Sh756.3 billion on increased private sector lending while changes to the bank’s investment securities including government bonds increased marginally to Sh392.4 billion from Sh389.4 billion.
Customer deposits were up 23 percent in the three months to stand at Sh1.11 trillion from Sh900.9 billion a year prior.