Equity Bank managed to overcome a challenging operating environment to post a 7% increase in their net profit to Ksh. 16.3 Billion up from Ksh. 15.2 Billion in 2016.
This rise in profits was informed by an 82% increase in the interest income from government securities to Ksh. 12.2 Billion. Non-interest income also grew by 20% to Ksh. 18.4 Billion as compared to Ksh. 15.2 Billion in 2016.
The bank also managed it costs prudently enabling it to bring down is total operating expenses by 10% to Ksh. 24.6 Billion as compared to Ksh. 27.5 Billion in the previous year. This was on the back of a 53% decline in the loan loss provision to Ksh. 2.3 Billion. Staff costs also reduced by a marginal 3.5% to Kshs. 7.8 Billion.
Equity Group on the other hand reported a 14% rise in the profit after tax for the year 2017 to Ksh. 18.9 Billion up from Kshs. 16.6 Billion in 2016.
The board recommended the payment of a dividend of Ksh. 2 per ordinary share payable on 31st May 2018.
Find the financials here.