Equity Bank has posted a 20 per cent increase in net profit for the first quarter of 2016. The bank’s profit after tax stood at 5.1 Billion while it’s profit before tax was 7.3 billion.
In the same period in 2014, Equity had posted a net profit of Sh. 4.3 billion.
Shareholders’ funds grew by 13% between Q1 2015 & Q1 2016. From its subsidiaries, South Sudan contributed to 0.2% growth of Equity Bank’s total loan book in Q1 2016, Uganda 2.5%, Rwanda 3.1%, DRC 5.2%, Tanzania 5.6% and Kenya 83.4%.
Equity Bank’s number of customers increased from 9.547 million to close the first quarter of 2016 at 10.313million.
“81% of our loans came through mobile platform Equitel while the branch contributed to 19% of the loans disbursed during Q1 201,” Equity Bank CEO James Mwangi said.
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