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.