(Last Updated On: July 31, 2014)
Equity Bank was able to record a 21 percent growth in half year after tax profit. Net profit grew from sh6.31 billion to sh7.66 billion. This was mainly fueled by growth in its loan book and transaction based income.
Customer deposits grew by 16.8 percent to stand at sh215 billion. Credit advances went up by 24 percent to sh186.5 billion. Interest income grew by 5.6 percent to 14 billion while non-interest income grew by 19 percent to sh8.32 billion mainly due to growth in payment processing and merchant business. The income from payments processing grew by 58 percent to stand at around 45 million per month.
When it comes to customer numbers, this grew from 8.41 million to 8.9 million while mobile banking customers grew from 2.8 million to 3.04 million. The total number of agency outlets are now 13,702.
Equity Bank Uganda, Tanzania, Rwanda and South Sudan have broken even and now contribute to 8.7 percent of profit before tax. The loan book grew by sh36.03 billion which is a 25% growth. It now stands at sh186.5 billion due to more lending to SMEs. The loan book quality also improved due to a reduction of loan-loss provision charges by 65 percent.