Equity group holdings has reported a marginal growth of 4 per cent in its 2018 net profit to Ksh19.7 billion from KSh18.9 billion earned in 2017; Its closest rival, KCB group reported a net profit
Equity’s net interest income increased by 10 per cent KSh 41 billion while its non-interest income decreased by 6 per cent to KSh 26 billion. Its operating costs went up by 1 percent to KSh39 billion despite the 12 percent decline in depreciation expenses and the 0.2 percent drop in staff expenses.
The bank increased its customer deposits by 13 percent to reach KSh423 billion. Similarly, its loans and advances to customers increased by 6 percent to KSh297 billion. Equity’s total assets and total liabilities grew by 9 percent and 11 percent to reach KSh573 billion and KSh478 billion respectively.
Equity group saw a 37 percent rise in total non-performing loans from KSh15 billion to KSh21 billion even as its loan loss provisions increased by 29 percent to KSh8.4 billion.
The bank’s board recommended a KSh2.00 dividend payout for every ordinary share which is unchanged from the amount paid out in 2017.
Related;
National Bank issues profit warning less than a week to results deadline
