Keeping the extraordinary functionality running, Equity Bank Group has kept an all round growth in its company in the first six months to June with a 52% increase in its gain before tax. Even with the economic challenges on the international and local arena, Equity Bank buoyed by raising deposits raised its profit before tax to Kshs 5.9 billion upward representing a 57% increase. The overall asset base of the Bank additionally filed substantial increase posting a 40% increase to close at Kshs 171.35 billion up from Kshs 122.5 billion.
Within an identical interval, Equity Bank Group's loans and advances grew by 43% to close at portfolio by more than 6%.
The bank was able to sign up more than 1.3 million new customers. Talking during the release of the half year trading results of the bank, Equity Bank Group CEO Dr. James Mwangi expressed confidence that the bank is geared towards keeping the growth impetus. "Our success is driven by wise risk management practices, increased efficiency and innovation on the delivery routes, products and services front.", he said. The price income ratio has come down from 62% to 56% during the time.
Representing liquidity and its capital strength, Equity Bank Group also kept a more than 13% and 11% score over the statutory capital and liquidity requirements.
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