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Thursday, June 30, 2022 –Equity Bank has realised a 99 percent increase in its profit after taxing this financial year.
From its books, the Bank managed to climb up from sh 20.1 billion previous year to sh 40.1 billion this year. Emperically the profit surge went from 22.2 billion in 2020 to 51.9 billion.
Group CEO Dr. James Mwangi confirmed that this was their best performance over the years they have been in the market.
“Our performance during the year under review is the best we have ever delivered in the almost 40 years of our organisation’s existence,” Dr. Mwangi said.
The CEO also divulged that this growth was purely catapulted by recovery efforts put in pace by the bank post Covid-19 through robust lending programmes.
“Stimulus packages were adopted by governments of the countries in which we operate. However, because of fiscal restraints, there was very little headroom in this regard,” he noted.
“It was in this uncertain landscape that we triggered a business management plan anchored on an offensive and a defensive strategy increasing our lending by 30% to help sustain the wider economy,” Mwangi further said.
Furthermore, apart from its assets growing 29 percent to sh 1.3 trillion, the bank recorded a total revenue increment of 21 percent to sh 112.4 billion.
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