Equity Group Holdings Plc has reported a Kshs. 34.4 Billion shillings profit after tax for the nine months to 30th September 2022, this is a 26.61 per cent rise in profitability as compared Ksh. 26.3 billion for a similar period last year.
The rise in profitability was on the back of a 23.43% rise in interest earnings to Ksh. 59.84 billion, while non-funded income went up 32.06 per cent to Sh42.22 billion. While trade finance revenue grew at 60% to Kshs.3.9 billion up from Kshs. 2.5 billion.
The bank experienced a 15% growth in assets to Kshs.1,363.7 billion total assets driven by a 15% growth in customer deposits of Kshs.1,007.3 billion to surpass Kshs.1 trillion for the first time in the history of the Group. Loans and Advances grew by 21% to reach Kshs.673.9 billion.
The period saw subsidiaries enhance their significance by contributing 44% of group deposits, 37% of group loans, 42% of group assets, 43% of group revenues and 32% of the Group’s profit before tax respectively, recording better return on average equity, return on average asset and cost to income ratio.
Dr James Mwangi, the Equity Group CEO, had this to say, “Our Equity Group brand is at an all-time high with a rating of “Triple AAA” and ranked as the 5th strongest finance brand globally. Our track record of social impact investments, inclusion, transforming lives, giving dignity and expanding opportunities is now a business acquisition driver. The Group is now realigning people, systems, processes, business, business risk through strong governance structures as it rolls out the African Recovery and Resilience Plan envisaged to grow the customer base to 100 million with 5 million businesses and 25 million households and individual borrowers.”