Equity Bank’s net earnings up by 28% to Sh34.4bn in Q3

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Equity Bank's net earnings up by 28% to Sh34.4bn in Q3
Equity Bank's net earnings up by 28% to Sh34.4bn in Q3

Africa-Press – Kenya. Equity Bank Group’s net earnings for the first nine months of the year rose by 28 per cent to Sh34.4 billion on improved non-funded income.

According to the bank’s results unveiled Tuesday morning, trade financing rose by a whopping 84 per cent to Sh36.2 billion compared to Sh19.7 billion same period last year.

Income from this venture rose by 60 per cent to Sh3.9 billion from Sh2.5 billion in the corresponding period in 2021.

Speaking at the investor briefing, Equity Bank Holdings CEO James Mwangi attributed the growth to customers centric products that have seen the lender hit a new milestone in deposits.

The Group clocked Sh1.007 trillion in deposits during the review period, becoming the first bank in East and Central Africa to hit the threshold.

“We have now exceeded the trillion shilling mark in deposits. The customers’ decisions are the ones powering our growth and that’s why we focus on efficiency,” Mwangi said.

The balance sheet grew by 15 per cent to close Q3 2022 at Sh1.36 trillion.

“It took us over 38 years to build one trillion, but it is now evident that if we sustain the current growth rate, the second trillion will be realized in less than five years,” Mwangi said.

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