Equity Bank profits rise to Sh19.8bn

By Hasit Patel

Kenya’s second most profitable bank, Equity Bank, has consolidated its position following the announcement of its net profit by 5% to Sh19.8bn for the year ending December 2018, according to Business Daily Africa.

After the company continued its policy of moving lending to government after the introduction of controls on the cost of loans, Equity Bank’s interest income from Treasury bonds rose 21.7%.

SEE ALSO:

Having experienced an increase of 26% in the bank’s holdings of government securities in 2017, the loan book also grew 6%.

Equity Bank chief executive officer, James Mwangi, said: “The government has now taken a significant part of the balance sheet of the bank, about 50%, compared to the loan book. As a strategy, we now want to push lending to the private sector using innovative methods, which is why we have projected, whether interest rate capping is there or not, to grow the loan book by between 10% and 15% in 2019.”

Share

Featured Articles

Meet the COO: Brook Sims of MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best business books to improve leadership strategy

From strategic guides to inspiring CEO memoirs, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better leader

Shoplazza founder and CEO Jeff Li, ex Baidu, on leadership

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

The office shifts to new way of working – workplace special

Leadership & Strategy

Trailblazer: Clorox's DEI leader Shanique Bonelli-Moore

Sustainability

The inspirational CEO story – Dean Forbes of Forterro

Leadership & Strategy