Equity Bank Group has posted a net profit of Ksh.46.1 billion for the full year ended December 2022.

This was the key highlight during the bank's investor briefing on Tuesday in which it announced a dividend payout of Ksh.4 per share.

Equity Group's net profit represents a 15% increase when compared to Ksh.40.1 billion posted in 2021.

Pre-tax profit for the year reached Ksh.59.8 billion from Ksh.51.9 billion posted a year earlier.

The performance was largely driven by a 27% growth in interest income of Ksh.119.6 billion.

“Our Kenyan businesses contributed to 30 percent of the entire profit because it is a mature business and a very efficient business,” said Equity Group CEO James Mwangi.

“DRC has become our second largest subsidiary after Kenya and given that the operation in DRC is dollars we can then see that the balance sheet has had effect on the Group ‘s financials.”

During the period, net loans increased by 20% to hit Ksh.707 billion. Depositors saved Ksh.1.05 trillion with the lender representing a 10% growth. The bank's loan loss provisions reached Ksh.13.7 billion from Ksh.4.9 billion in 2021.

“For the first time, Equity exceeded a trillion shillings of customer deposits after 10% growth. The Group is now valued at Ksh.69 billion without taking account of available assets,” said Mwangi.

97% of the lender's transactions are outside the branch with the digital platforms coming in handy in creating ease and convenience for customers.

“We are seeing the adoption of smartphones and growth of internet-enabled transactions are also growing at 212% and the volume by 136% and these are the biggest drivers of the transformation of the business model,” said the Equity CEO.