NAIROBI, Kenya, Aug 17 – Moses Okoth Nyabanda has been appointed as the new acting Managing Director (MD) for Equity Bank Kenya, pending regulatory approval from the Central Bank of Kenya.
Nyabanda is replacing Gerald Warui, who is going for an early retirement.
Prior, Nyabanda served as the Equity Group Holdings Chief Finance & Strategy Execution Officer.
Before joining the lender, he was the MD and Country Senior Partner for PricewaterhouseCoopers (PwC) in Rwanda and a member of the PwC Eastern Africa leadership team.
“The Board is confident that under Mr. Nyabanda’s leadership, Equity Bank Kenya will continue to deliver sustainable profitable growth, while enhancing our customer value proposition and employee engagement.”
In the half year ending June, Equity Group’s profit after tax grew by 12 percent to Sh29.6 billion compared to a similar period last year, boosted by high interest income and improved performance by regional subsidiaries.
The lender’s revenue generated from interest grew by 22 percent to Sh84.8 billion from Sh69.8 billion.
The bank also attributed improved income to regional subsidiaries in Rwanda and the Democratic Republic of the Congo.
