Banking –In the latest financial statements of Equity Bank, it has been revealed that it made a 99 percent increase in its profit after taxing.
This means the Bank managed to climb up from sh 20.1 billion previous year to sh 40.1 billion this year. Empirically, the profit surge went from 22.2 billion in 2020 to 51.9 billion.
James Mwangi who is the Group CEO confirmed that this was their best performance over the years they have been on the market.
“Our performance during the year under review is the best we have ever delivered in the almost 40 years of our organisation’s existence,” Dr. Mwangi said.
The CEO stated that this growth was purely catapulted by the recovery efforts from Covid-19 impact of 2020; and this forced the Bank to accelerate lending programmes to spur the economy post Covid-19 era.
“Stimulus packages were adopted by governments of the countries in which we operate. However, because of fiscal restraints, there was very little headroom in this regard.
“It was in this uncertain landscape that we triggered a business management plan anchored on an offensive and a defensive strategy increasing our lending by 30% to help sustain the wider economy,” Mwangi further said.
Furthermore, apart from its assets growing 29 percent to sh 1.3 trillion, Equity recorded a total revenue increment of 21 percent to sh 112.4 billion.
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