Equity Records a 6.6% Profit Growth in2023 First Quarter

Equity Group has recorded a 6.6% profit growth to Sh12.3 billion in the first quarter of 2023.

During a similar time, last year, the group’s profit was Sh11.5 billion.

2023’s profit growth is contributed majorly by non-funded income, as the CEO James Mwangi said it continues to grow more than interest.

Equity, which also operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan and the Democratic Republic of Congo, said net loans rose by just over a fifth to 756.3 billion shillings from 623.6 billion shillings in the year-earlier period.

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Costs for staff, innovation, and technology grew from Sh15.6 billion to Sh22.8 billion.

The ratio of non-performing loans went up from 8.65 percent to 9.1 percent.

Net interest income increased to Sh21.7 billion, government debt investment jumped to Sh392.5 billion.