Equity of Kenya First-Half Profit Grows 18% as Loan Income Jumpsby
Equity Group Holdings Ltd., Kenya’s biggest bank by market value, said first-half profit grew 18 percent as its income from loans jumped.
Profit increased to 10.1 billion shillings ($99.6 million) in the six months through June as the lender’s net interest income rose 37 percent to 21.2 billion shillings, Chief Executive Officer James Mwangi told reporters Monday in the capital, Nairobi. Operating income climbed 22 percent to 32.1 billion shillings.
The lender, which has operations in six African countries, almost tripled loan-loss provisions to 1.93 billion shillings. Non-performing credit jumped 29 percent to 10.8 billion shillings.
The lender’s shares have shed 5.6 percent this year.