Equity half-year net profits rose to Sh3 billion for the quarter ended June 2010 compared to Sh2 billion in the same period last year.
Chief executive James Mwangi attributed the performance to the ongoing economic recovery that supported its lending book and improved their operational efficiency.
He also sees a better second half supported by better economic forecast and fixed costs.
The bank’s share increased marginally to Sh24.00 at the close of trading at the Nairobi Stock Exchange (NSE) from Sh23.75 on Monday but has gained nearly 40 per cent over the past three months.
The bank’s profits were especially driven by a 45 per cent increase in interest income to Sh7.3 billion on increased lending to households and companies mainly the lower end of the market.
Its lending increased to Sh68.2 billion in June from Sh63.3 billion in December 2009 and Sh53.8 billion in June 2009.
The increase in profits is linked to increased lending after a decrease in 2008 and the first half of 2009.
Loans and advances grew from Sh695 billion in April, 2009 to Sh783 billion in February, this year.
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