Equity Bank Posts 5.9 Billion Shillings in Net Profits in 3 Months

Equity Bank has posted 5.9 billion shillings in net profits for the first three months of 2018 according to the results announced on Thursday.

The 21.7 percent rise in profits in three months has been attributed to the increase in interest income as well as the lowering of the provisions.

In 2017 at the same time, the lender’s profits stood at 4.9 billion shillings with the management saying that the current profits are as a result of the diversification strategy that was tailored towards the non-funded income.

The lender saw loans given out rising by 9.17 billion shillings to 271.1 billion shillings, a 3.5 percent increase. The interest income stood at 12.6 billion shillings, a 10.5 percent increase.

The lenders bought into the government’s debt by 33 percent above what was spent previously. The income from T-Bills increased by 73.9 million shillings to 3.7 billion shillings, a 24.96 percent increase.

Equity realized an increase in no-interest by 382.5 million shillings to 6.71 billion shillings or an equivalent of 6 percent increase.

The non-performing loans reduced by 1.4 billion shillings to 18.1 billion shillings while loan loss provisions stood at 55 percent, an equivalent of 438.3 million shillings to 358.5 million shillings.