Equity Bank chief executive officer James Mwangi speaks during the release of the bank’s full year results on February 27, 2014. The leander posted a 9.9 per cent rise in net profit to Sh13.3 billion. Photo/SALATON NJAU
What you need to know:
Equity Bank posted an after-tax profit of Sh13.3 billion up from Sh12.1 billion in 2012.
Equity Bank has reported a 9.9pc rise in net profit last year helped by growth in its non-interest income.
The lender posted an after-tax profit of Sh13.3 billion up from Sh12.1 billion in 2012.
Loans and advances were almost unchanged rising from Sh27.4 billion to Sh27.7 billion in the period under review attributed to high interest rates.
Equity’s non-interest income --which includes fees and commissions, foreign exchange trading and other unspecified income-- grew by Sh2.5 billion to Sh15.4 billion.
Fees and commissions income from loan and advances grew to Sh4.5 billion from Sh3.6 billion, while foreign exchange trading earnings declined marginally from Sh1.9 billion to Sh1.86 billion.
Equity Bank's loan book grew to Sh171.4 billion last year up from Sh135.7 billion in 2012.
The bank's gross non-performing loans rose sharply to Sh9.2 billion from Sh4.3 billion even as loan loss provision increased from Sh1.6 billion to Sh2.4 billion.
The NSE-listed lender said it will pay a dividend of Sh1.50 per share.
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