EQUITY BANK PROFIT JUMPS TO KSH 39.2 BILLION: CHECK BENEFITS TO CUSTOMERS.
Kenyan popular bank, Equity have made a huge profit over the past year. The bank has almost doubled the 2021 profit. According to the reports, the bank posted a 98% rise in net profit that is ksh 39. 2 billion.
The tremendous increase in profit is attributed to higher income and raise of total operating income to 21per cent that is ksh 113.4 billion from 93.7 billion.
The Chief Executive Officer of the popular bank explained the growth in operating income by stating that it is supported by a 24.9 per cent in net interest income to Ksh. 68.8 billion from Ksh 55.1 billion a year prior.
In addition to the increase of operating income, Equity bank also revealed that Non-interest funded income (NFI) increased by 15.8 per cent to Ksh. 44.6 billion from Ksh. 38.5 billion in 2020.
The profitability comes as the Company’s asset base tops Ksh. 1.3 Trillion from a flat Ksh. 1 trillion a year ago on the back of its acquisition of DRC’s Banque Commerciale Du Congo (BCDC).
Equity Group Managing Director James Mwangi explained this by stating that the bank has managed to achieve all these because of it’s ability to enable the company to stay resilient amidst the volatile environment.
“Our greatest lesson has been not running off amidst uncertainty. COVID or no COVID, we were never going to deviate from the true North. We have realised that the purpose is profitability,”
The equity group earnings per share now stands at Ksh. 10.38 billion from Ksh. 5.24 billion in December 2020.
The director has also mentioned that moving forward they only hope for the best:
“When we look at the future, we are confident that our new strategy will take us back to our previous path where we posted a 10 fold growth on all parameters very five years,” Mwangi said.
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