Equity Bank Earnings Fall for First Time in a Decade, Bad Loans Up 100%

Kenya’s Equity Bank has released its full year financial results for the year ended December 2016 posting a decline of 4 percent in net profits, this happening for the first time in 10 years.

Profit Before Tax grew slightly to Ksh 24.93 billion compared to Ksh 23.96 billion in 2015 while Net Profit fell to Ksh 16.062 Billion compared to Ksh 17.327 Billion posted in Full year 2015.

The group’s net interest income grew by 23% to Ksh 41.81 billion versus Ksh 34.12 billion posted a year ago while customer deposits grew by 17%.

Net loans and advances to customers fell by 1% but its investments in government securities increased by 135%.

Africa Sokoni