Equity Bank Group Q1 2019 net profit grew five per cent to Sh6.2 billion from Sh5.9 billion in the corresponding quarter last year on increased customer deposits and improved loan book.
The bank's gross profits rose by six per cent to Sh8.8 billion compared to Sh8.3 billion in the quarter ended March 2018.
The bank's total income grew to Sh17.6 billion from Sh16.6 billion while its interest income rose marginally to Sh13.5 billion from Sh12.7 billion last year.
Equity Bank Group chief executive James Mwangi attributes the growth to efficiency brought about by digital platforms which transacted 93 per cent of the bank's loan book during the quarter under review.
Mwangi is jubilant about the return to organic growth, saying the 13 per cent growth in loan book is an indicator that the bank’s money is in supply, creating value for the economy.
‘’We have learned to operate with interest capping as a new norm despite the associated challenge of risk pricing. I am happy that we have bounced back to organic growth after two years of depressed growth,’’ Mwangi said.
