Equity Group has recorded a 99 per cent profit after tax to Sh40.1 billion in year that ended December 31, 2021.
The bank's net interest for the review period shot 25 per cent to Sh68.8 billion from Sh55.1 billion on growth of loans and investment in government securities.
Net loans and advances book clocked 23 per cent growth from Sh477.8 billion in 2020 to Sh587.8 billion in 2021.
The lender's earnings per share almost doubled from Sh5.20 billion in 2020 to Sh10.40 billion in 2021, a 98 per cent growth.
Total assets grew 29 per cent to Sh1.305 trillion up from 1.015 trillion the previous year.
Equity CEO James Mwangi while announcing the results on Tuesday attributed the asset growth to corresponding increase in customer deposits which accelerated to Sh959 billion from Sh740.8 billion in 2020.
Equity's total income grew by 21 per cent from Sh92.9 per cent to Sh112.4 per cent in the year ended December 2021.
"We have strengthened our business model to achieve an embedded shared value concept in our twin engine of social and economic aspirations and deliverables," Mwangi said.
He said the bank has scaled its social and environmental impact investments in capacity building and enhancement through education, health, and entrepreneurship training.
The banks board has agreed on a Sh11.3 billion dividend pay-out of Shs 3 per share which is a 50 per cent increase from the last pay-out for 2018.
Non-funded income grew by 15 per cent to Sh43.6 billion from SH37.8 billion driven by trade finance, payment channels and foreign exchange trading income.
Trade finance registered a 55 per cent growth in revenue to Sh3.2 billion from Sh2.1 billion in 2020.
Return of E-commerce and Merchant banking business drove Equity bank transaction income to Sh10.4 billion from a previous Sh7.6 despite zero rating mobile transaction offerings in the year ended.
The bank has launched a Marshall Plan Africa Recovery and Resilient plan with a Sh690 billion seed fund for the private sector.
The strategy aims at funding and financing five million businesses and 25 million households in Africa.
The bank is still celebrating being recognised as the fifth strongest banking brand in the world.
According to the Brand Finance Banking 500 2022 Annual Report that was released in February, Equity Group is among the few banks from smaller and emerging markets to join a total of 30 new entrants into the top 500 banking brands.
Equity was ranked position 338 overall among the top 500 banking brands
Title: "WATCH: The biggest news in African Business"
