NAIROBI (Xinhua) --
Kenya’s Equity Bank on Thursday announced that it
plans to focus on its East and Central Africa subsidiaries in
order to boost revenues.
Mary Wamae, Group
Executive Director of Equity Bank, told an investor briefing in
Nairobi that subsidiaries in Uganda, South Sudan, Democratic
Republic of Congo, Rwanda and Tanzania are currently
contributing 26 percent of the net income.
“Our aim is to
ensure that subsidiaries grow their contribution to 30 percent
by end of the year and 40 percent in the next two years,” Wamae
said during the release of the financial results for the first
half of 2018.
Wamae said that
during the first six months of 2018, the regional subsidiaries
grew their profitability by 62 percent and this means that
revenue from outside Kenya will play a bigger role in the
overall profitability of the bank in future.
Wamae noted that
East and Central Africa has one of the fastest growing regions
in the world with economic growth expected to average six
percent in the next few years.
“This presents an
opportunity to expand presence in East and Central Africa as the
markets are largely underserved,” she added.
According to the
financial results of the first half of 2018, the firm posted 110
million dollars in profits after tax, up from 94 million dollars
for the same period last year.