Equity Bank nets Sh15.8bn profit in 2018/19 third quarter results

Equity Bank Group CEO James Mwangi at an AGM in Nairobi, 2016. /ENOS TECHE
Equity Bank Group CEO James Mwangi at an AGM in Nairobi, 2016. /ENOS TECHE

Equity Group's net profit has increased by 8 per cent to Sh15.8 billion in the third quarter ending September 30, the bank has announced.

The growth is up from Sh14.6 billion reported within the same period last year.

CEO James Mwangi attributed the growth to higher interest income and reduced costs.

He addressed stakeholders during the release of the results on Monday.

The bank's total income grew by 1 per cent to Sh 49.3 billion from Sh48.7 billion while total costs declined by 4 per cent from Sh28 billion to Sh26.9 billion.

Within the same period, Interest income has grew by 9 per cent, from Sh35.4 billion to Sh38.5 billion.

However, Mwangi noted a significant decrease in branch transactions. He Said the centres are now largely used for SMEs focusing on building relationships with SMEs.

This has seen banks handle only three per cent of transactions as 97

per cent of transactions moved to Equitel and mobile apps.