Equity Bank Group has reported an after tax profit of Sh46.1 billion, the highest ever by a bank in Kenya.
The bank's group managing director and CEO James Mwangi has attributed the 15.1 per cent growth in net earnings to customer-centric products and digital banking.
"This saw great growth in both our net income and non-funded incomes," Mwangi said.
He said that 97 per cent of the bank's transactions are now happening on self-service mobile devices and through third-party payment infrastructure which explains the continued efficiency of operations.
The bank's total income for the financial year grew by 28 per cent to Sh144.3 billion, with net interest income contributing 60 per cent while non-funded income grew 40 per cent.
Non-funded income grew by 33 per cent to close the year at Sh58.3 billion while net interest income grew by 25 per cent to cSh86 billion.
The lender's gross profit, however, dropped by 47.2 per cent to Sh59.8 billion compared to Sh113.4 billion reported the previous year.
