Equity Group net profit for the first six months, up until  June 2021, grew by 98.4 percent to Sh17.9 billion up from the Sh9.02 billion recorded in a similar period last year.

The bank has attributed the record profit to growth in interest and non-interest income.

The group’s earnings rose as revenues across the subsidiaries increased. The bank has a presence across the East African Community; with subsidiaries in Tanzania, Rwanda, Uganda DR Congo and South Sudan.

All the subsidiaries, with the exception of South Sudan, posted growths in profit, taking their share in total earnings to 21 percent.

“The strong capital and liquidity ratios have positioned the group well for continued execution of the offensive strategy particularly in light of improving asset quality and an improving operating environment,” said James Mwangi, CEO at Equity Group.

Net interest income grew 26 percent to Sh31.2 billion in line with 29 percent growth in loan book to Sh504.8 billion.

Non-interest income, which is mainly derived from fees and commission, rose by 45 percent to Sh20.4 billion, giving the lender a high-income position.

Gross non-performing loans stood at Sh43.82 billion at the end of June compared with Sh42.82 billion, with the muted rise helped by recoveries and repayments.

Equity bank’s earnings come in the backdrop of the economy trying to recover from the economic disruptions of COVID-19 that hurt the banking sector last year.