Kenya's Equity bank H1 profit up 52 pct
business, kenya, money 8:28 AM
NAIROBI, (Reuters) - Kenya's Equity Bank posted a 52 percent rise in pretax profit for the first-half of this year, driven by growth in customers attracted by new distribution channels such as mobile phone banking, its chief executive said on Monday.
The bank earned 5.90 billion shillings ($65.4 mln) as customers rose by just over a quarter and deposits increased 48 percent to 130 billion shillings.
Total income grew 30 percent and loans jumped 43 percent to 97.71 billion shillings.
Equity, which also operates in Uganda and South Sudan, said it had built up a network of 2,300 agents across the country in the past year and had established three mobile banking platforms.
"We want to move the bank from bricks and mortar, which is expensive and not very competitive," James Mwangi told an investor briefing.
He said the bank had received banking licenses in Rwanda and Tanzania, where it plans to start operations this quarter.
Equity focuses on offering banking services to the poor and is one of the most frequently traded stock on the Nairobi bourse.
The bank earned 5.90 billion shillings ($65.4 mln) as customers rose by just over a quarter and deposits increased 48 percent to 130 billion shillings.
Total income grew 30 percent and loans jumped 43 percent to 97.71 billion shillings.
Equity, which also operates in Uganda and South Sudan, said it had built up a network of 2,300 agents across the country in the past year and had established three mobile banking platforms.
"We want to move the bank from bricks and mortar, which is expensive and not very competitive," James Mwangi told an investor briefing.
He said the bank had received banking licenses in Rwanda and Tanzania, where it plans to start operations this quarter.
Equity focuses on offering banking services to the poor and is one of the most frequently traded stock on the Nairobi bourse.
Posted by Unknown
on 8:28 AM.
Filed under
