Equity Bank CEO James Mwangi. FILE PHOTO | DIANA NGILA | NMG
Equity Group has announced a 14 per cent rise in net profit in the year ended December 2017.
The lender's after-tax earnings stood at Sh18.9 billion in the period compared to Sh16.6 billion the year before.
The firm attributes the performance to growth in transactions income which offset a drop in interest income.
Equity
chief executive James Mwangi welcomed planned reforms to the rate cap
law that he says slowed down lending by banks last year, adding that the
move will support banking sector growth and recovery of the economy.
"The impression given is that the interest capping would have
been dealt with by September. This will have positive implications for
the credit market," he said during an investor briefing Thursday
morning.
The lender says it recorded double digit
growth in profitability for subsidiaries which cumulatively grew 14 per
cent growth in profitability compared to 7 per cent in 2016.
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