Transactions on Equity Bank’s digital banking platforms surpassed Ksh. 7 trillion as compared to legacy banking at just over Ksh 2 trillion. This is according to the bank’s Q3 2023 results released recently.
The bank notes that during this period, self-service channels accounted for 98% of all transactions outside the bank branch. The number of customers using cashless payments also grew by 3 percentage points from 79% in Q3 2022 to 82% in Q3 2023.
‘’Innovation and business transformation through digitization in lending and lifestyle support, digital and online transaction processing, and payments have delivered ease and convenience to customers.’’ Equity said in a statement.
Over the last few years, Equity has been massively investing in innovation to provide its customers with tailored solutions that simplify lifestyles and meet their needs.
The bank provides a safe and secure avenue for customers to do transactions straight from their mobile phone, laptop or desktop via the Equity Mobile App or Equity Online. This allows for increased freedom, control, flexibility and convenience for customers as the services can be accessed both within and outside working hours at the comfort of their homes or offices.
Overall, Equity Bank Group’s revenue registered a 28% growth with Kenya contributing 50% after a 13% growth as subsidiaries contributed 50% driven by strong revenue growth of 81% in DRC, 33% in Uganda, 38% in Rwanda and 203% for Equity Life Assurance Kenya. Non-funded income registered robust growth of 38% to Kshs. 56.5 billion up from Kshs. 41.1 billion as net interest income grew by 21% to Kshs. 72.6 billion up from Kshs. 59.8 billion allowing non-funded income to contribute 43.8% of the total income of Kshs.129.1 billion up from 40.7% the previous year.
Group profit after tax grew by 5% to Kshs. 36.2 billion up from Kshs. 34.4 billion with Kenya contributing 50% with an equivalent contribution of 50% coming from the subsidiaries driven by a growth of 142% in DRC, 23% in Uganda, 46% in Rwanda, 136% in Tanzania and 177% by Equity Life Assurance Kenya.
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