Sustained growth in customer deposits as the economy returns to pre-covid levels pushed Equity Bank Group's profits to Sh26.4 billion, eight per cent growth compared to same period last year.
According to the bank's financial statement presented to investors this morning, customer deposits grew 21 per cent to Sh1.18 trillion.
The group's gross profits for the period grew by 14 per cent to Sh35.2 billion from Sh30.9 billion with subsidiaries contributing 45 per cent.
"We see the power of Equity Bank Kenya in driving the growth of subsidiaries. We also see the subsidiaries catching up and contributing almost 50 per cent of group deposits,'' Equity Bank Group CEO Dr. James Mwangi said.
Loan interest income grew by 27 per cent from Sh35.3 billion to Sh44.9 billion compared to a similar period last year.
"We have continued to support businesses and entrepreneurs to wade through these difficult times,'' Mwangi said.
Consequently, the group's assets crossed the Sh1.5 trillion mark to hit Sh1.65 trillion, a 23 per cent growth compared to Sh1.3 trillion similar period last year.
This has solidified the bank's position as the biggest lender in East and Central Africa in terms of asset value.
Total loans grew by 26 per cent to Sh817.3 billion Sh650.6 billion in the corresponding half last year.
More to follow...