Equity Bank Reports 14% growth in Full Year Net Earnings
Despite a challenging operating environment in 2017, Equity Bank has reported a 14% growth in Profit After Tax to Ksh 18.9 Billion up from Ksh 16.6 Billion in 2016.
The lender’s revenue grew slightly by 2% to Kshs 65.2 Bn as non-funded income grew by 24% to Kshs 27.6Billion driven by forex income, remittances, commissions, trade finance & agency commission.
“Our prediction that the branch will cease to be a banking transactional channel has come to pass. Our branches reported a decrease in transaction volumes by 9% to 18.6 Million down from 20.4 Million but with an increase in transaction value to Kshs 1.46 trillion from Kshs 1.44 trillion YoY. ” The lender’s CEO James Mwangi noted.
Equitel’s transaction volumes grew by 11% to 251.6 million from 227.4 million while the value of transactions grew by 32% to Kshs 480.3 Billion up from Kshs 364.4Billion. The bank’s agency network saw the transaction volume grow by 7% to 66.2 million.
Income from Treasury Operations increased by 59% to Kshs 19.2Billion driven by an increase in government securities portfolio which grew by 27% Kshs 128 Billion.
Total Costs declined by 2% to Kshs 38.3Bn as profit before tax grew by 8% to Kshs 26.9Bn.
Deposits grew by 11% to Kshs 373.1Bn from Kshs 337.2Bn as the number of customers reached 12.1 million.
Related; KCB Group Full Year net earnings down by 0.1% to Sh19.7 Billion