Net profit stood at Sh3.88 billion in the three months ending March compared to Sh3.21 billion for a similar period the year before.
Equity Bank posted a 20.8 per cent growth in net profit in the first quarter, helped by increased earnings from fees and commissions.
The lender’s net profit stood at Sh3.88 billion in the three months ending March compared to Sh3.21 billion for a similar period the year before.
Non-interest income –comprising fees and commissions— increased 23.8 per cent to Sh4.1 billion from Sh3.3 billion.
Equity’s mainstay lending business yielded a 5.3 per cent rise in interest income to Sh8.4 billion despite its loan book expanding by Sh8 billion from December to stand at Sh179.3 billion in March.
The lender’s operating expenses remained flat but its interest expenses rose 26 per cent to Sh1.4 billion.
The firm’s share price has dropped 9.7 per cent over the past six months to trade at Sh32.25 market close Wednesday, with analysts at Standard Investment Bank giving the stock a fair value of Sh42.3.
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