Equity Group recorded a 99 per cent profit after tax driving its earning to Sh40.1 billion for the year ended December 2021 as new subsidiaries started paying off.
The earnings solidify the group's position as the most profitable bank in Kenya for the second year in a row.
Its main competitor, KCB posted a net profit of Sh34.2 billion over the same period.
It is on the strength of his performance that shareholders will take home Sh11.32 billion as dividend.
They will be paid Sh3 per share, a 50 per cent increase after a two year freeze on dividend payment due to the impact of Covid-19 on the economy.
Equity's subsidiary in Democratic Republic of Congo, EquityBCDC, the bank's second largest subsidiary recorded a 14.9 per cent return on average equity (ROAE) from 8.8 per cent previous year.
ROAE is a financial ratio that measures the performance of a company based on its average shareholders' equity outstanding.
EquityBCDC contributed 47 per cent in asset increase at Sh419.8 billion against the groups overall of Sh1,304.9 billion.
The subsidiary followed the acquisition of majority shareholding of Banque Commerciale du Congo (BCDC) by Equity Bank Congo in July 2020.
Equity currently has 337 branches in Kenya, Uganda, DRC, Tanzania, Rwanda and South Sudan.
Overall, 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 recored a 23 per cent growth from Sh477.8 billion in 2020 to Sh587.8 billion in 2021 an indication that most enterprises were recovering
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.
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.
According to the Brand Finance Banking 500 2022 Annual Report 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.
It was ranked position 338 overall among the top 500 banking brands
