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Equity Group Hits KSh100bn in Diaspora Remittances
Equity Group had Ksh 100 billion in diaspora remittance volumes in the 9 months to September. Consequently boosting the lender’s forex trading income to Ksh 2.84 billion shillings in the same period.
The diaspora remittance volume increased by 28% as compared to the same period in 2018 which was KSh 79.8 billion. Dr James Mwangi, Equity Group CEO, stated that the bank is leveraging on its fintech partnerships to increase the volume of remittances.
The direct commissions earned from remittances was Ksh 602 million. An 8% increase from Ksh 557 million in the same period in 2018. Despite the commissions, the bank’s main focus is access to foreign exchange. The remittances have given the bank an assured source, making the bank one of the biggest players in trade finance.
Forex income was 12.6% of Equity Group’s total non-funded income of Ksh 22.6 billion at Ksh 2.84 billion in the period under review. In a similar period in 2018, forex income was Ksh 2.37 billion, this was 11.6% of the Ksh 19.8 billion of the non-funded income.
Equity had a 12 % increase in net profit to Ksh 17.46 billion in the nine months to September. The increase in profits was attributed to higher interest and non-interest income.
