Kenya's Equity Bank sees rise in profit

25/07/2011 - Kenya property & investment news Posted by Bob Brunskill
Kenya's Equity Bank sees rise in profit

Kenya's Equity Bank recorded a 52 per cent increase in pre-tax profit for the first-half of this year, it has been confirmed.The profit has been driven by new distribution channels such as mobile phone banking, according to the bank's chief executive.It has been confirmed that the bank earned 5.90 billion shillings, with customers rising by just over a quarter and deposits increasing by 48 per cent to 130 billion shillings, Reuters.com has reported.According to Equity, which also operates in Uganda and South Sudan, it had built up a network of 2,300 agents across the country in the 12 month-period.In this time, it has also established three mobile banking platforms.Speaking at an investor briefing, James Mwangi said: "We want to move the bank from bricks and mortar, which is expensive and not very competitive."The bank, Mr Mwangi explained, had received banking licenses in Rwanda and Tanzania, where it plans to start operations.