Equity Bank Q1 net profit jumps to Sh12bn

Equity Group Managing Director and CEO Dr James Mwangi at the Equity Centre in Nairobi on Monday, October 25, 2021. PHOTO | DENNIS ONSONGO | NMG

Equity Group net profit for the first three months to March rose 36 percent to Sh11.86 billion driven by strong growth in both interest and non-interest income.

The bank’s earnings rose from Sh8.72 billion recorded in a similar quarter in 2021.

Net interest income grew 31 percent to Sh26.67 billion in line with 28 percent growth in loan book to Sh623.56 billion.

Non-interest income, which is mainly derived from fees and commission, rose by 22 percent to Sh31.27 billion, giving the lender a high-income position.

More updates to follow