Equity Group’s half year profit after tax, for the period ending 30th June 2018, has increased by 18% to Ksh. 11 billion. This is up from Ksh. 9.4 billion for the same period last year.
Customer deposits grew 9% to Kshs.394 billion up from Kshs.363 billion which had the effect of growing the balance sheet to Ksh. 542 billion up from Ksh. 505 billion. The financials services group invested Ksh. 159 billion in government securities in the period up from Ksh. 116 billions. Customer loans also increased to Ksh. 275 billion up from Ksh. 265 billion.
Interest income grew by 10% to Kshs. 25.4 billion up from Kshs.23 billion driven by investment in government securities that grew by 37% and loans and advances growth of 4%. Non-funded income fees, and commissions grew by 2% primarily driven by 29% growth in trade finance income, 23% growth in merchant banking commission, 27% growth in forex capital gains, 35% growth in swift and RTGs income, 54% growth in bond trading income and 165% growth in Diaspora remittances income. Inversely, operating expenses declined by 2% from Ksh. 17.6 billion to Ksh. 17.3 billion.
Equity Bank Group is a financial services provider with operations in Kenya, Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.