Accounting and Measuring Results
Equity Group Q3 Profit Up 27.9% To Sh34.3B
Equity Group has reported a Sh34.3 billion profit for the first nine months of the year, a 27.9 percent jump from Sh26.9 billion posted in the same period last year attributed to an increase in non-funded income.
Non-funded income rose by 31 percent to Sh41.1 billion in the period from Sh31.4 billion in Q3 2021, contributing 41 percent of total income.
Interest earnings from lending rose 23.43 percent to Sh59.84 billion, while non-interest income from transactions went up 32.06 percent to Sh42.22 billion.
Further, customer deposits grew by 15.1 percent to close at 1 Trillion.
Speaking at the investor briefing, Equity Group CEO James Mwangi attributed the growth to customers centric products that have seen the lender hit a new milestone in deposits.
“It took us over 38 years to build one trillion, but it is now evident that if we sustain the current growth rate, the second trillion will be realized in less than 5 years,” said Mwangi.
Operating costs grew by 31.73 percent to Sh57.74 billion while the lender’s loan book expanded 20.55 per cent to Sh673.91 billion
The Board recommended an interim dividend of Sh8.8 per share for the period.
