29 April 2008
Nairobi — Equity Bank on Monday announced an 80.5 per cent per cent increase in its first quarter pre-tax profit of Sh908 million, compared to Sh503 million over the same period last year.
The after tax profit also grew by the same margin, from Sh403 million to Sh727 million. Total operating income, within the same period, rose from Sh1.17 billion to Sh2.22 billion, with the growth mostly coming from interest income growing from Sh497 million to Sh1.12 billion.
The total assets of the bank grew to Sh57 billion, up from Sh25 billion in March 2007, supported by amongst others, the massive capital injection of Sh11 billion into the bank by international investor, Helios EB last December, and additional long term debt of Sh4.5 billion. Non funded income in the bank grew from Sh673 million to Sh1.1 billion, mainly driven by foreign exchange income and fees on loans and advances.
Paying dividends
This phenomenal growth shows that the Bank's recent focus in trade finance and treasury is paying dividends. Making the announcement in Nairobi, Equity Bank chief executive officer, James Mwangi said: "Overall, the bank has recorded a very impressive performance for the first quarter especially, given the uncertainties at the beginning of the year, which resulted in a slowdown of economic activities.
"We anticipate that performance will continue to improve in the second quarter with the recent political settlement in place."
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