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The platform recorded a growth of 58 percent in transaction value from Sh123.6 billion in the first half of 2018 to Sh195.6 billion for the half-year ended June 2019/FILE

Kenya

Equity Group posts Sh5.1bn net profit in Q1, 2016

Equity Group Chief Executive James Mwangi says 81 percent of loans came through mobile platform Equitel while the branch contributed to 19 percent of the loans disbursed during this first quarter/FILE

Equity Group Chief Executive James Mwangi says 81 percent of loans came through mobile platform Equitel while the branch contributed to 19 percent of the loans disbursed during this first quarter/FILE

NAIROBI, Kenya, May 10 – Equity Group has posted Sh5.1 billion net profit in the first quarter of 2016 up 19.4 percent from same period last year when they posted Sh4.2 billion.

The firms total assets grew to Sh430 billion up from Sh372 billion same period in 2015, while deposits stood at Sh300 billion in the period under review.

Loan portfolio went up to Sh272 billion from Sh224 billion recorded in March 31, 2015.

Equity Group Chief Executive James Mwangi says 81 percent of loans came through mobile platform Equitel while the branch contributed to 19 percent of the loans disbursed during this first quarter.

Agency banking transactions value in the period under review stood at Sh102.1billion up from Sh74.5billon same period last year.

Mobile transactions through Equitel rose from 11 million to 45.6million a 315 percent increase from the previous year.

This translates to a transaction value of Sh333.5 billion in the first quarter of 2016 from the Equitel mobile banking platform.

The bank now has about 10 million customers out of which 1.2 million are accessing services through Equitel.

South Sudan contributed to 0.2 percent growth of total loan book in during the period while Uganda contributed 2.5 percent, Rwanda 3.1 percent, DRC 5.2 percent, Tanzania 5.6 percent and Kenya 83.4 percent.

“We are seeing a robust economy which requires a lot of support in credit facilities for development opportunities,” Mwangi stated.

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