Equity Bank first half earnings up 18pc to Sh10.1bn

What you need to know:

Chief Executive Officer James Mwangi told an investor briefing that net interest income rose 37 per cent to Sh21.2 billion.

Equity Bank Group reported an 18 per cent rise in first-half net profit on Monday to Sh10.1 billion from Sh8.6 billion helped by higher net interest income.

Chief Executive Officer James Mwangi told an investor briefing that net interest income rose 37 per cent to Sh21.2 billion.

Equity, which focuses on the lower-income part of the Kenyan market, also operates in Uganda, South Sudan, Tanzania, Rwanda and Democratic Republic of Congo.

First-half customer deposits rose to Sh320.8 billion from Sh301.0 billion, Mwangi said.

The bank said the value of transactions on its mobile phone banking service, launched in July 2015, stood at Sh97.8 billion at the end of June versus Sh49.5 billion in July 2015.

It said its total assets rose to Sh444.4 billion from Sh400.9 billion a year earlier.