In Kenya, Equity Bank said on March 8, it has recorded a pre-tax profit of Sh24 billion (about $237 million) in 2015 against Sh22.4 billion in 2014, as its net interest income rose.

Talking at a financial communication event, Equity Bank’s Chief Executive Officer, James Mwangi, said various factors weighed on the group’s performances over the last year, citing among others depreciation of African currencies to dollar especially in south-Sudan conflict-stricken area. 

“Last year was one of the most turbulent in terms of macroeconomic environment. We saw significant devaluation of the South Sudan pound, where the currency was devalued by 84 percent.We also saw in the fourth quarter, particularly in Kenya, significant interest rate volatility,” said James Mwangi.

Equity Bank added that its net interest income soared to Sh34.1 billion in 2015 from Sh29.2 billion a year before.

Also, the group saw its loans portfolio swell to Sh269.9 billion in 2015 from Sh214.2 billion in 2014 while rates for non-performing loans fell to 3.3% in 2015 against 4.2% in 2014.

Asides Kenya and South Sudan, Equity is also present in Uganda, Tanzania, Rwanda and Democratic Republic of Congo.