Equity Group Holdings has posted a nine month profit after tax of Sh. 40.9 billion. This represented a 13 per cent increase from the Sh. 36.2 billion after tax profit that was realized in the same period the previous year.
The net profit was derived from a profit before tax of Sh. 51 billion which was an improvement of 11 per cent. During the period under review, the banking group’s subsidiaries outside of the Kenyan market contributed 51 per cent to the total gross profit.
“Our subsidiaries outside Kenya now contribute 51 per cent of our total profit before tax with 48 per cent of our balance sheet also based outside the country. Equity BCDC in DRC is playing a key role in driving this growth,” said Dr. James Mwangi, the banking group’s managing director and chief executive officer.
Customer deposits in the period increased by 9 per cent to Sh. 1.32 trillion while total assets went up one per cent to Sh. 1.7 trillion. In the previous similar period in 2023, assets had increased 24 per cent to Sh. 1.7 trillion. In 2022, total assets had stood at Sh. 1.4 trillion.
Equity’s James Mwangi: Why I’ve declined tens of millions of cash in bonus pay
Net loans went down 5 per cent to settle at Sh. 800.1 billion while loan loss provision went down 33.2 per cent to Sh. 12.7 billion. The total operating expenses were up 7.4 per cent to Sh. 90.7 billion while the total operating income went up 8.7 per cent to Sh. 141.7 billion.
“Equity has developed robust systems and infrastructure with the capabilities to drive customer success. Our inclusive model ensures that no one is left behind. We have broken the barriers to financial inclusion, creating opportunities for everyone to engage in economic activities,” said Dr. Mwangi when he released the bank’s Q3 results.
He noted that the bank is operating in a fast growing market with prospects for future growth and expansion. “The East Africa region is the fastest growing economies in the world with an average GDP of 5.6 per cent. This gives us huge prospects for the future and we are excited for what is to come,” he said.
