Business

Equity Bank Q1 net profit jumps to Sh12bn


Companies

Equity Bank Q1 net profit jumps to Sh12bn


eqty

Equity Group Managing Director and CEO Dr James Mwangi at the Equity Centre in Nairobi on Monday, October 25, 2021. PHOTO | DENNIS ONSONGO | NMG

Equity Group net profit for the first three months to March rose 36 percent to Sh11.86 billion driven by strong growth in both interest and non-interest income.

The bank’s earnings rose from Sh8.72 billion recorded in a similar quarter in 2021.

Net interest income grew 31 percent to Sh19.35 billion, largely mirroring the 28 percent growth in its loan book to Sh623.56 billion.

Non-interest income, which is mainly derived from fees and commissions, rose by 7.4 percent to Sh11.5 billion from Sh10.7 billion, giving the lender a high-income position.

This propelled Kenya’s largest bank by assets to a total income position of Sh30.9 billion, a 21 percent jump from Sh25.5 billion in the prior year. Total cost rose at a slower pace of 13 percent to Sh15.6 billion, the lender reported Thursday afternoon.



Source link

Leave a Reply

Your email address will not be published.