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The group's total assets posted a 14.2 percent growth during the year to close at Sh277.72 billion up from Sh243.17 billion/FILE

Kenya

Equity profit for 2013 hits Sh13.2bn

The group's total assets posted a 14.2 percent growth during the year to close at Sh277.72 billion up from Sh243.17 billion/FILE

The group’s total assets posted a 14.2 percent growth during the year to close at Sh277.72 billion up from Sh243.17 billion/FILE

NAIROBI, Kenya Feb 27 – Equity Bank’s 2013 full year net profit has gone up by 9.91 percent to Sh13.277 billion from Sh12.08 billion in 2012.

The group’s total assets posted a 14.2 percent growth during the year to close at Sh277.72 billion up from Sh243.17 billion.

Customer deposits grew by 16 percent from Sh167.9 billion in 2012 to Sh194.8 billion in 2013 while loan portfolio grew by 26 percent to Sh171 billion from Sh135 billion recorded in 2012.

Total operating expenses grew by 16 percent from Sh19.5 billion to Sh22.7 billion in 2013.

The growth of the operating expenses was driven by a rise in staff costs that grew by 26 percent to close at Sh9 billion from Sh7.1 billion recorded in 2012.

The directors have recommended a first and a final dividend of Sh1.50 for each ordinary share up from Sh1.25 dividend per share recommended in 2012.

The proposed dividend will be paid to shareholders on close of business of Friday March 14, 2014.

In the period under review the group partnered with Paynet service company PayPal for traders in Kenya to access PayPal global customer base of more than 137 million active accounts in 193 markets.

The partnership allows traders to withdraw funds to their qualifying Equity Bank accounts from their PayPal accounts.

The bank has operations in Uganda, South Sudan, Rwanda and Tanzania.

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