Equity Half Year Results: Equity Bank Group has posted a ninety eight per cent jump in half year net profit. The bank has announced that in the first six months of 2021, it managed to get a net profit of Sh. 17.9 billion. This improvement was largely driven by growth in interest and non-interest income.
During the period under review, profit before tax grew from Sh. 12 billion to Sh. 23.8 billion. This reflected a growth of 99 per cent leaving shareholders with a profit after tax of Sh. 17.9 billion up from Sh. 9.1 billion. This registered a growth of 98 per cent causing earnings per share to increase to 4. 7 from 2.4,” said Equity Group chief executive officer Dr. James Mwangi.
Bank deposits grew fifty one per cent to Sh. 820.3 billion. Dr. Mwangi noted that customer deposits were growing faster than the market uptake of loans. He added that the bank was however looking forward to seeing loans growing faster.
“We have a positive and optimistic outlook of the future of the business given its continued delivery of convenience and enhanced trust capital.” said Dr. Mwangi.
During the period, the bank’s net interest income hit Sh. 31.2 billion from Sh. 24.6 billion while non-interest funded income rose to Sh. 20.8 billion from Sh. 14.4 billion. Total assets stood at Sh. 1.1 trillion.