Equity Bank Posts KES 10.1Bn Profit in 2016 Half year results

Equity Bank Group has posted KES 10.1 billion in profit after tax marking an 18 percent growth for the half year ended June 2016 compared to same period last year.

Its pretax profit was up by 18 percent to KES 14.23 billion from KES 12.10 billion shillings in the same period in 2015 attributed to a rise in net interest income by 37 percent to KES 21.2 billion.

“Efficiency gains from digitization and increased use of variable cost delivery channels of Agency, mobile, merchant and internet banking saw the Group’s total cost, excluding provisions for bad debts grew at a much lower rate of 18 percent compared to a 22 percent growth in total income,” read a statement from the Group.

Going forward, the bank plans to roll out more innovative products, deepen focus on the SME sector while deepening presence in the East Africa region.