Equity Bank has reported a 58% in growth of profit before tax in its 3rd quarter result for the 3 months ending September 30th. The Bank reported a profit of KES 10.9 Billion in the 3rd quarter up from KES 6.9 Billion reported in the second quarter of 2012.
The bank disclosed that in the 3 months to September 30th, loans and advances to customers stood at KES 119.5 billion up from KES 114.3 billion and KES 112.9 billion in the 2nd and 1st quarters respectively.
The bank accumulated customer deposits amounting KES 138.0 billion in the 3rd quarter of 2012 up from KES 128.2 billion three months earlier which was a drop from the KES 129.9 billion the bank reported in the 1st quarter.
Equity Bank earned interest on loans and advances amounting to KES 18.8 billion in the quarter under review up from KES 12.4 billion the bank netted in the second quarter. The bank paid interest expenses totaling KES 3.7 billion in the 3rd quarter compared to KES 2.4 billion it paid in the 2nd quarter.
Equity bank recently did a top management change appointing former Kenya Wildlife Services (KWS) Director Julius Kipng’etich as new Equity Bank‘s Chief Operations Officer (COO). Kipngetich had been serving on the Equity Bank board as a non-executive director. The bank also appointed Samson Mishek Oduor as its new Finance Director.