Kenya: Equity Bank Q3 net profit increases to Sh27 billion

Equity Group has reported 78.6 percent growth in profit after tax for the nine months to September this year on account of the growth of non-funded income and reduced costs.

The bank posted Sh26.8 billion net profit compared to Sh15 billion posted in the same period last year.

This was attributed to a 28.8 percent growth in non-funded income to Sh31.9 billion including fees and commission income on loans, bond and forex trading income.

Net interest income from both loans and advances, and from investment in government securities rose by 23 percent to Sh48.4 billion.  

Total interest income grew by a quarter to Sh80.4 billion from Sh64.1 billion in the previous period.

The loan book expanded by 10.7 percent to Sh559.01 billion from Sh504.8 billion in the quarter ended June.