NAIROBI, Kenya, Aug 15 – Equity Group Holding’s half-year profit after tax has increased by Sh1.9 billion to Sh26.3 billion.
The lender’s revenue grew from Sh24.4 billion during a similar period last year after customer deposits rose by 21 percent.
“Our strategic pursuit has resiliently positioned us to weather the macro-economic headwinds and turbulence,” the Group Chief Executive Officer James Mwangi said.
“Regional geographical expansion and business diversification has seen reliance on contribution of the Kenyan banking subsidiary reduced with other subsidiaries contributing 46% total assets and 45% of Profit Before Tax, driven primarily by insurance and the DRC business,” Mwangi added.
While net loans to customers grew by 26 percent, investments in government securities registered 33 percent growth.
“The drive to non-funded income growth registered good success with total income growing at 24% driven by a 42% growth of non-funded income and 17% growth of net interest income,” the CEO added.
“Gross trade finance revenue grew by 117% with trade finance related lending growing by 46%, FX total income grew by 68% and diaspora flows grew by 146% to account for 12% of all client FX volumes.”
