Equity Group has posted a 36 percent jump in net profits to Sh24.4 billion in the first half of this year on increased lending (to government and customers) and strong performance of non-funded income (includes deposit and transition fees)
Interest income increased by Sh12.2 billion to Sh54. 9 billion on strong returns from loans to the government and private sector. The bank also saw a 24.6 percent jump in non-funded income to Sh25.8 billion.
Equity Group CEO James Mwangi said the growth in income has been boosted by trade missions to the Democratic Republic of Congo that has pushed up trade finance and forex trading from cross-border deals. (benefits of the expansion of the EA community)
Equity Bank says they have managed loan portfolios through diversification in different markets and through credit risk guarantees from development finance institutions. (covers the bank's exposure to SMEs for 40-60%)
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