Equity Bank has reported a
Sh11.2 billion after-tax profit in
its third quarter, equivalent to a
26 per cent growth from its 2013
third quarter profit.
“We have harnessed global
merchant capacity, now enjoying
92% annual commission growth,
our assets hit 339 billion while
loans grew to 207 billion at 24 per
cent,” CEO James Mwangi
reported on Thursday afternoon.
Mwangi announced that the
bank’s net profit loss has dropped
by 4.3 per cent, and that regional
subsidiaries registered a 137 per
cent profit before tax growth.
He said the Equity currently
controls 17 per cent of the
diaspora remittances market
share and that its customer base
has grown due to distinctive value
proposition channels.
He said the future of financial
services will largely be based on
mobile, the major reason for
introducing Equitel.
“Equitel is critical to Equity as we
approximate it will save 27 million
single sim handset holders the
cost of buying dual sim handsets,
Mwangi said.
He said 65 per cent of the bank’s
lending, which goes to productive
sectors as opposed to the
consumption, will build a better
nation by supporting enterprises
since they create employment.
“We have made solid progress on
strategic initiatives to
revolutionize customer experience
which majorly contributed to our
Think Business branding as the
Best Bank in East Africa,” he
added.
Reporting that the bank’s number
of agents has increased to 73 per
cent, Mwangi noted that they are
doing more transactions than
branches and ATMs combined