Audio By Vocalize
Kenya’s largest bank by customers, Equity Group, posted a 23.8 per cent rise in first-quarter net profit driven by a surge in both interest and non-funded income.
Its net earnings in the period ended March 31 rose to Sh18.3 billion from Sh14.8 billion in a similar period a year earlier.
Regional subsidiaries outside Kenya accounted for half of the lender’s profitability, the bank said on Tuesday.
Total income rose 15 per cent to Sh55.3 billion from Sh48.2 billion a year earlier. Net interest income also climbed 15 per cent to Sh33 billion, supported by a nine per cent growth in net loans.
