Equity's quarter one net profit climbs from 36pc to Sh11.8b
Equity Group's net profit for the first quarter of the year has risen by 36 per cent to Sh11.86 billion on increased interest and non-interest income.
Group Chief Executive James Mwangi said subsidiaries increased their profit after-tax contribution to 30 per cent, underlining their growing significance in lowering dependence on Kenya.
Net interest income rose from Sh14.82 billion to Sh19.35 billion, while non-interest income—mainly fees and commissions—hit Sh11.91 billion from Sh10.86 billion.
Operating expenses, however, rose from Sh6.7 billion to Sh7.4 billion, driven by growth in staff costs and provisioning for loan defaults.
