Investors at the Equity Bank Group will walk home empty handed for the second year running after the lender withheld dividends on shrinking net earnings. The bank's profit for the year ended December 2020 dropped 12 per cent to Sh20.1 billion compared to Sh22.6 billion the previous year. Equity Bank's loan loss provision grew five folds with restructured loans hitting Sh171 billion or 32 per cent of the total loan book. The bank's net profit dropped by 42 per cent to Sh4.6 billion with Non-Performing Loans rising 19 per cent to stand at Sh40.1 billion. To cushion the business and customers''We implemented a robust cost containment plan that reduced operating expenses and contributed to the operating profit increase,'' Gachora said.

Source: The Star March 29, 2021 08:26 UTC