Equity Group’s chief executive officer, Dr James Mwangi speaks at a past event. PHOTO|FILE
What you need to know:
Net profit reached Sh5.03 billion during the year ending September 2015, up from Sh1.52 billion registered during the year ending September 2014, the bank’s financial statement shows. During the third quarter of the current calendar year alone, net profit reached Sh1.14 billion, up from Sh531 million posted during a similar quarter in 2014.
Dar es Salaam. Equity Bank’s net profit rose by 230.9 per cent during the year ending September 2015 as the financial entity steps up efforts to reach the unbanked segment of the population.
Net profit reached Sh5.03 billion during the year ending September 2015, up from Sh1.52 billion registered during the year ending September 2014, the bank’s financial statement shows. During the third quarter of the current calendar year alone, net profit reached Sh1.14 billion, up from Sh531 million posted during a similar quarter in 2014.
“The outstanding performance is contributed by the bank’s strategic initiatives and innovations toward enhancement of access, convenience and affordability of financial services…..it is underpinned by continued investment in the innovative new channels of agency and mobile banking,” the Equity Group’s chief executive officer, Dr James Mwangi told an investors’ briefing session in Nairobi last week.
The Group’s diversification and regional expansion programme saw the bank completition its acquisition of Pro-Credit of DRC Congo.
Similarly, the Equity Group Holdings Limited has posted net profit of Sh256 billion (Ksh12.8 billion) as at September 2015 up from Sh224 billion (Ksh11.2 billion) last year. The Group’s profit before tax grew by 14 per cent to Sh362 billion (Ksh18.1 billion) up from Sh318 billion (Ksh15.9 billion). Equity Group also posted a 32 per cent growth in total assets, a growth of Sh2.13 trillion (Ksh106.4 billion) to Sh8.92 trillion (Ksh445.8 billion) up from Sh6.788 trillion (Ksh339.4 billion).
“This nearly half a trillion balance sheet growth has been driven by a 30 per cent growth in customer deposits to Sh6.34 trillion (Ksh317 billion) up from Sh4.86 trillion (Ksh243.1 billion) during the same period the previous year,” Dr Mwangi said.
