Why Equity Bank shares rose 3.92% today

By Nairobi Stocks Review

Shares of Equity Group gained 3.92% on August 17 to close at Ksh53. The group operates a family of banking businesses in Kenya and across East African. The shares jumped after the group reported record 2021 half-year profit.

Equity Bank makes Ksh17.9 billion profit

The bank group reported a profit of Ksh17.9 billion for the six months through June 2021. That represents the highest half-year profit the group has ever reported and it compares to a profit of Ksh9.1 billion in a similar period last year.

Although Equity’s lucrative loans business continued to recover from the Covid-19 pandemic shocks, the profit got an artificial boost from the company releasing some money it had set aside to cover potential loan losses.

Equity Bank shares have gained more than 40% since the beginning of 2021.

How to buy Equity Bank shares

Equity Group shares trade on the Nairobi Securities Exchange under “EQTY” ticker symbol. If you want to buy Equity Bank shares, you will need to have a stock trading account called CDS account. (Read How to open a CDS account in Kenya).

Once you have the account set up, you will need to decide the amount of shares you want to purchase and place your order. But keep in mind that the minimum number of shares you can buy on NSE Kenya is 100 shares. Depending on your stockbroker, you may be able to buy and sell Equity Bank shares online. (Read How to choose the best stockbroker for beginners).