Equity bank announces an asset increment of 14%

Equity bank announces an asset increment of 14%

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Equity Bank Chief Executive Officer Dr James Mwangi addressing journalists. PHOTO: CHRIS NYAMUTA.

Nairobi,KENYA:Equity group holdings posted a 14% growth in assets to reach 504.9 billion shillings up from 444.4 billion shillings for the period ended 30th June this year.

Speaking during the Investor Briefing in Nairobi on Tuesday, Equity Bank CEO, James Mwangi said, that the growth came at a time when the banking industry growth rate was almost flattened out.

He further said that this growth could be attributed to, Ezzy banking suites of products, agency banking model, mobile banking and Internet banking.

These alternative delivery channels have seen the customer base rise from 8 million to 11.7 million customers.

He also assured the investors that subsidiary banks in Tanzania, Uganda, Rwanda, South Sudan and DRC Congo support themselves and no capital would come from Kenya to support the banks.

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