Sunday, May 26, 2024

Equity Group announces Sh. 16 billion net profit in first three months of 2024

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Equity Group Holdings has announced a 25 per cent jump in net profit  for the first three months of the year. This growth has translated into a net profit of Sh. 16 billion for the period ended 31st March 2024 compared to a similar period last year.

After reporting a 5 per cent decline in profit after tax for the year ended 31st December 2023, Equity Group Holdings has bounced back recording strong 1st quarter results, the bank declared.

During the period under review, deposits grew by 11.2 per cent to Sh. 1.236 trillion up from Sh. 1.111 trillion. Total assets have grown to 1.656 trillion, which was equal to a growth of 10 per cent.

Equity beats Safaricom to become Kenya’s most valuable brand

The regional banking subsidiaries contributed 63 per cent of the Sh. 20.4 billion profit before tax with a return on average equity of 27.6 per cent cementing the Group’s position as the regional banking leader.

The Insurance subsidiary achieved 4th position in the market with 9 per cent market share respectively in its second year of operations and recorded a 106 per cent growth in profits and 54 per cent return on average equity.

“We are starting to see the beginning of recovery. All projections are indicating that things have peaked,” said Equity Group chief executive officer, Dr. James Mwangi.

Loans and advances to customers, which hit Sh. 27.3 billion from Sh. 20. 7 billion previously while total operating income rose to Sh. 50 billion in the period from Sh. 40 billion as interest income rose the fastest at 32.7 per cent to Sh. 43 billion.

Under this period, the bank’s total operating expenses went up by 28.1 per cent to Sh. 29.6 billion from Sh. 23.1 billion as loan provision costs increased by 76.4 per cent to Sh. 6 billion from Sh. 3.4 billion.

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