Equity Bank chief executive officer Dr. James Mwangi is set to earn a mega dividend payout of Sh. 685.3 million from his shares at Equity Bank. This follows record-breaking profit for the financial year ended December 2022 by Equity Group.

The bank posted a profit growth of 15 per cent to Sh. 46.1 billion to maintain its position as the most profitable bank in the East African region. This profit allowed the bank to increase its dividend payout from Sh. 3 to Sh. 4 per share and will now pay out a total of Sh. 15.1 billion.

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Out of its list of shareholders, Equity CEO Dr. Mwangi holds a 3.4 per cent direct stake in Equity. His 188.6 million shares in Equity Bank currently have a market value of about Sh. 8.3 billion.

Equity’s record profit was driven by a 28 per cent growth in the total income of Sh. 144.3 billion, made up of Sh. 58.3 billion of non-funded income, which grew by 33 per cent and net interest income of Sh. 86 billion which grew by 25 per cent.

In the financial year ended December 2021 when Equity double its net profit to Sh. 40 billion, Dr. Mwangi received a payout of Sh. 383.4 million. His 188.6 million shares in Equity had a market value of about Sh. 6.52 billion at the time.