Equity posts 14pc rise in profits

Equity Bank has recorded a 14 per cent increase in its profits after tax to Sh5.4 billion in the last six months against Sh4.7 billion net profits over a similar period last year on increased interest income.

The bank registered a 79 per cent increase in interest income to Sh14.86 billion from Sh8 billion last year owing to a bigger loan book that rose to Sh124 billion from Sh97 billion last year.

Equity has also attributed the growth to alternative service delivery channels that grew customer numbers and deposits to contribute 25 per cent of all the bank’s transactions.

“We will continue to leverage on the business model of agency banking and mobile enabled technology to create more efficiency and improve profitability,” said Equity Bank Chief Executive James Mwangi.