Kenya's Equity Bank to focus on developing mobile banking business

James Mwangi, CEO, Equity Bank

Kenya‘s Equity Bank aims to double profits from its foreign markets in east Africa and increase users of its mobile banking service to boost earnings, its chief executive said on Tuesday.

The lender, which has the highest number of depositors in east Africa, posted a 12 percent jump in pretax profit to 12.1 billion shillings ($120 million) in the first half, thanks to growth in commissions, foreign exchange trading and the contribution of its foreign subsidiaries in the region.

“What we will see in the next half is to try to ensure the subsidiaries double their performance by the end of the year,” James Mwangi said at an investor briefing. He did not specify whether he meant a doubling of profits compared with the last year or the first half of this year.

Read more: UPDATE 2-Kenya’s Equity Bank to focus on developing mobile banking business | Reuters

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