Operating expenses grew by 69% to Kshs2.2 billion as a result of significant investments, which are further expected to drive future growth and profitability. Group net interest income grew by 89% to Kshs2.1billion from Kshs1.1billion, while total operating income went up by 52% to Kshs3.4billion from 2.2billion.
The number of customer accounts grew to 3.6 million up from 3.3 million in the first quarter. Deposits grew by 57% to KShs53.7 billion from Kshs34.2 billion during the same period compared to last year. The bank has recorded this growth with more than 36 branches in Uganda and it plans to start its operations shortly in Sudan.
James Mwangi, CEO of Equity Bank, said: “While these investments pushed the cost to income ratio to 66%, it puts the bank in a strong position to generate superior performance in the future in line with our strategic focus. Discounted for the investment, the underling cost income ratio stood at 56% down from the previous year level of 59%.”
“This solid base positions the Bank well for future growth, and enables the bank to withstand any shocks that may arise due to the on going global recession and local economic slowdown. “We are well placed to continue with our vision of being the champion for the social-economic prosperity of the people of Africa,” he added.
