Equity Group has today, Tuesday, November 22 reported a 26.6 growth in net profit for nine months through September.
In their report, the financial services group attributed the growth to increased earnings from interest and non-funded income streams.
Equity Bank’s profit after tax and minority interest hit Ksh 33.35 billion, a Ksh 7.1 billion increase from Ksh 26.34 billion in the same period last year.
The lender reported that earnings from lending rose to Ksh 59.84 billion, a 23.43 increment.
Meanwhile, non-interest income from transactions increased by 32.06 percent to Ksh 42.22 billion, while customer deposits went up by 15.07 percent to Ksh 1.007 trillion.
The bank’s loan book expanded 20.55 percent to Ksh 673.91 billion, while operating costs rose to Ksh 57.74 billion.
As earlier reported on WoK, the bank was named the top lender in East Africa by capitalization.
According to Business Focus, the ranking by Africa Business placed the Kenyan bank ahead of his rivals based on the tier-one capital buffer.
East Africa’s Top Banks 2022 survey findings showed that the bank’s KSh 188.52 billion in capital also placed it in position 24 in Africa.
“One key indicator of the weakness of the Eastern African banking sector is the fact that the size of capital needed to secure the final position in our regional Top 20 is the lowest of all the other regions at $159 million
“For Kenyan banks at least, more rapid bank growth could come from the resumption of their expansion into other markets,” the report read in part.
