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    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

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    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    IIPGH to enter coding education partnership with Telecoms Chamber

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Kenya-Equity Bank’s first quarter net profit up 20pc to Sh5.1 billion

bycitibusinessnews
May 10, 2016
in Africa, East Africa
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Equity Bank Group has reported a 20 per cent growth in profits for the first quarter of the year driven by rise in interest income.

The bank announced an after-tax profit of Sh5.1 billion in the three months to March 2016 compared to Sh4.2 billion posted in a similar period last year.

“The Group profit has been delivered by a 22 per cent growth in loan book and a 28 per cent growth in government securities,” said the Equity Group chief executive James Mwangi Tuesday while announcing the results.

Equity’s loan book grew to Sh275 billion from Sh224 billion in March last year resulting to a 36.5 per cent increase in interest income to Sh11.2 billion.

Customers savings with the bank rose to Sh299 billion from Sh276 billion a year earlier. The bank paid out interest of Sh1.7 billion.

Its net interest income increased by 36.8 per cent to Sh10.4 billion which management attributed to acquisition of cheap funds from the international market.

Equity’s operating income rose to by 18.1 per cent to Sh15.6 billion while expenses grew at a slower pace of 16.9 per cent to Sh8.3 billion.

–

Source: Business Daily

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