Equity Bank has announced a reduction in its Bank Reference Rates following a recent review.
In a statement issued on September 8, the bank revealed it will lower the rate from 18.24 percent to 17.83 percent, effective today, September 9.
This adjustment reflects the Central Bank Rate (CBR) change on August 6, 2024, which decreased from 13 percent to 12.75 percent. The Monetary Policy Committee (MPC) reviews the CBR at least every two months, and these adjustments signal shifts in the monetary policy stance.
The statement noted, “We wish to inform our customers and the general public that Equity Bank’s Reference Rate (EBRR) will decrease from 18.24% to 17.83% effective September 9, 2024.”
It added that the final interest rate will include the EBRR of 17.83% plus a margin, capped at a maximum of 8.5% per annum.
This change will affect all new Kenya Shilling-denominated credit facilities. The bank will keep monitoring market conditions and will provide updates if further adjustments are necessary.
“For any clarifications, please contact your Relationship Manager, your Branch, or through our Contact Centre on 0763 000 000,” Equity said.
The review follows a 12 percent rise in profit after tax for Equity Bank in the first half of 2024.
On August 12, the Group reported a half-year profit after tax of Ksh29.6 billion, reflecting a 12 percent year-on-year growth. The earnings per share increased to Ksh7.6, up from Ksh6.7.
