Equity Bank Kenya has announced its 2016 full year financial results in an event that was held on Wednesday morning.
According to the results, the lender has recorded 16.6 billion shillings in profits after tax recording a four percent drop from that recorded in the year 2015 at the same time. In 2015, the lender recorded 17.3 billion shillings in profits after tax.
The lender, however, recorded an improvement in profits before tax by four percent from 24 billion shillings in 2015 to 24.9 billion shillings in 2016.
Read: KCB Group Posts a 10 Percent Rise in Profit Before Tax
Speaking during the event, the CEO of the Equity Bank Group Dr. James Mwangi said that the total banking industry in Kenya recorded a 2 percent growth in deposits but Equity witnessed a growth of 17 percent in deposits in 2016 as compared to 2015.
Last year, Equity Bank of Kenya was listed as the 34th most solid bank in the world given its efforts in trying to achieve financial inclusion in Kenya and beyond.
According to the bank, Equitel witnessed a total of 227 million transactions, agency banking realized 62 million transactions, ATMs recorded 24.8 million transactions while branches transactions stood at 20.4 million.
Loans from the institution went down by 5 percent while the government paper was up by 171 percent. Equity Bank joins the banks that have already released their results recording a drop-in profit in what has been seen as the effect of the interest capping law.
Read: Barclays Kenya 2016 Full Year Profits Dips 10 Percent to 10.8 Billion Shillings