In Summary
  • The lender's total interest income in the period rose from Sh25.2 billion to Sh25.8 billion.
  • However, total income grew marginally from Sh48.7 billion in Q3 2017 to Sh49.3 billion in Q3 2018.
  • Equity Bank increased investment in government securities to Sh158.3 billion in Q3 2018 from Sh127.7 billion in Q3 2017.

Equity Bank Group has reported an 8 percent rise in net profit to Sh15.8 billion in the third quarter ended September 30, 2018 from Sh14.6 billion posted in a similar period last year.

Group chief executive James Mwangi on Monday attributed the increased bottom-line to higher interest income and reduced costs even as subsidiaries increased contribution to net profit from 14 percent to 19 percent.

The lender's total interest income in the period rose from Sh25.2 billion to Sh25.8 billion.

Equity Bank increased investment in government securities to Sh158.3 billion in Q3 2018 from Sh127.7 billion in Q3 2017.

Non-funded income - which includes earnings from foreign exchange trading, mobile banking and diaspora remittances - dropped to Sh19.8 billion from Sh19.8 billion.

However, total income grew marginally by 1 percent from Sh48.7 billion in Q3 2017 to Sh49.3 billion in Q3 2018.

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