Equity Bank announces Q3 pre-tax profits

by Richard Kilner

Story link: Equity Bank announces Q3 pre-tax profits

Equity Bank Group has announced it achieved pre-tax profits of Ksh1.6bn in the third quarter, equal to the profits achieved in Q2 and greater than the Ksh1.1bn profits made in Q1.

The last year has seen the Kenyan banking group incur heavy investment costs, which have been balanced by strong balance sheet growth.

Chief Executive Officer Dr James Mwangi has attributed the profits to exceptionally good risk management during the financial crisis, inflation and drought.

Dr Mwangi went on to say that as well as excellent risk management, high levels of efficiency and balanced growth were essential parts of Equity Bank’s strategy.

For the first nine months of the year Equity Bank made profits of Kshs4.3bn.